Ripple appoints Stuart Alderoty as new general counsel amid class-action lawsuit

Ripple has hired Stuart Alderoty as its new general counsel, filling a position that has been vacant since September, the company has announced in a press release.

Before joining the startup, Alderoty was an executive vice president, general counsel and corporate secretary at US bank CIT. At Ripple, he will be responsible for overseeing all legal services as well as the management of its global legal, policy and Bank Secrecy Act (BSA) compliance teams.

“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 policymakers and continue to create significant solutions for Ripple’s users and end-customers throughout the world.”

The new general counsel will have his hands full. Currently, Ripple is facing a consolidated class-action lawsuit alleging that the $XRP token, a cryptocurrency associated with Ripple, is, in fact, a security issued by the company. In November, the lawsuit was moved to a federal court.