Ripple hires general counsel from leading financial institution CIT Group
Ripple recently announced that it has hired a new general counsel. The position has been vacant for months. Reportedly, the new general counsel, Stuart Alderoty, comes from CIT Group, one of the largest a bank and commercial lender in the world. Ripple CEO, Brad Garlinghouse said Alderoty, will be taking care of all legal work, global legal policy and Bank Secrecy Act compliance teams.
This new appointment comes in a time when the Ripple team is fighting a consolidated class action brought by the investors. They claimed that they lost money on XRP and also accused Ripple of selling their coins as unregistered security.
“As we continue to work with financial institutions and regulators across the globe to drive home the importance of fostering innovation while protecting consumers, I could not think of a better addition to Ripple’s leadership bench and our global legal team than Stuart,” said Brad Garlinghouse in a press release. “He brings a level of experience and expertise that will be vital in supporting not only Ripple’s growth but growth of the overall industry.”
According to the press release, Alderoty has served as Executive Vice President, General Counsel and Corporate Secretary at CIT. He was responsible for all legal, corporate governance and insurance risk management matters.
Before CIT, he was General Counsel and Executive Vice President for HSBC North America. And, prior to that, Alderoty was at American Express as Managing Counsel. He has more than 30 years of legal experience which might work in favour for the Ripple team.
“Blockchain technology is transforming the financial services industry and Ripple has been at the forefront for both its technology and thoughtful approach to policy,” said Alderoty. “I am thrilled to join Ripple and work alongside this great team Brad has assembled as we find new ways to partner with leading policy makers and continue to create significant solutions for Ripple’s users and end-customers throughout the world.”
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