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Chancery Preserves Investor s Fraud Claim Against Pot Co.
Law360 (March 2, 2021, 8:40 PM EST) Delaware s Chancery Court will allow breach of contract and fraud claims against a cannabis company to proceed after finding that an investor sufficiently pled he had been duped into forking over $5 million on the basis of shoddy information.
Vice Chancellor Morgan T. Zurn wrote Monday that Jeff Menashe plausibly claimed that the managers of American General Resources LLC, which operates California-based cannabis and CBD concern Bloom Farms, misled him with skewed financial projections that may have been deliberately deceptive.
In a 71-page memorandum opinion, Vice Chancellor Zurn pared down Menashe s action by tossing 17 of his 24 claims, but Menashe s.
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Chancery OKs TRO In Ripple Labs Investor Fight
Law360 (January 15, 2021, 4:49 PM EST) Delaware s Chancery Court issued a temporary restraining order Friday limiting California-based Ripple Labs Inc. s cryptocurrency transactions and equity redemptions after investor Tetragon sued to halt any Ripple virtual currency purchases until Tetragon can sell back its stock.
Vice Chancellor Morgan T. Zurn issued the ruling after arguments on a Tetragon Financial Group Ltd. lawsuit filed Jan. 7 seeking an order preventing Ripple one of the world s largest virtual currency traders from buying any additional XRP cryptocurrency or redeeming any other investor s stock ahead of the redemption of Guernsey-based Tetragon s stake.