XP Sues Grizzly Research Over 'Madoff-Like' Ponzi Scheme Accusations
Brazilian fintech giant XP has launched a legal offensive in the U.S., suing Grizzly Research and its owner Siegfried Eggert for defamation. The lawsuit follows a report by Grizzly that accused XP of operating a 'Madoff-like Ponzi scheme'.
Filed in the U.S. District Court, Southern District of New York (XP inc et al v Grizzly Research LLC et al), the lawsuit alleges that Grizzly and its owner published the report with malicious intent to manipulate XP's stock price. XP claims that the report has caused over $100 million in damage to its business and reputation.
Attempts to reach Grizzly Research for comment have so far been unsuccessful. XP is seeking unspecified compensatory and punitive damages, aiming to clear its name and recover losses.
The case, XP inc et al v Grizzly Research LLC et al, is ongoing. XP's legal team is pursuing justice and compensation, while Grizzly Research has yet to publicly respond to the allegations.
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