Ripple hired a new general attorney, occupying a position that had been vacant for several months.
Announced Wednesday, Stuart Alderoty will oversee all legal work at Ripple and will manage its Legal Compliance, Policy and Bank Secrecy Act (BSA) teams, reporting to CEO Brad Garlinghouse.
Alderoty joined the Ripple of the CIT Group, one of the top 50 US commercial banks and lenders, where he held the positions of executive vice president, general counsel / legal director, and corporate secretary since 2016, overseeing legal, corporate governance and management issues of insurance risk. according to Bloomberg. Prior to CIT, he served in executive positions at HSBC and American Express, after 17 years working as a lawyer.
He succeeds former general counselor Brynly Llyr, who left Ripple in September to join Celo's crypto payment startup.
A busy legal team
Alderoty is hiring at a time when Ripple is battling a class-action lawsuit brought by investors who claim to have lost money with Ripple's XRP, the crypto-currency associated with Ripple, and accuse the company of selling the currency as an unregistered security .
The suit combines several collective actions brought by the authors Avner Greenwald, David Oconer and Vladi Zakinov, naming as defendants Ripple Labs and its subsidiary XRP II, Garlinghouse and several other executives and directors. In November, the case was moved to federal court on the motion of the defendants.
Last fall, Ripple started a lobby group in Washington, D.C., dubbed the Internet Securities America Coalition (SAIV) and aimed at influencing the regulation of cryptographic space.
Also in September, Ripple settled a two-year legal dispute with R3 over part of the 2016 partnership agreement that granted R3 the right to buy up to 5 billion XRP chips for $ 0.0085 each until the end of 2019. During 2017 and the following year, the price of the token went up (now XRP is being traded at $ 0.31) and that part of the agreement became a point of contention. The terms of the settlement were not disclosed.
Image of Brad Garlinghouse, CEO of Ripple, via CoinDesk