06:11 AM EDT, 07/08/2025 (MT Newswires) -- XP (XP) filed a defamation lawsuit Monday against short seller Grizzly Research over a March 12 report that accused the Brazilian fintech company of running a "Ponzi scheme," Reuters reported late Monday.

XP said in the complaint that it suffered damages totaling more than $100 million as a result of the report, Reuters reported.

XP accused Grizzly of "brazenly, maliciously, and recklessly" misleading investors in order to profit from short positions, Reuters reported.

XP did not immediately reply to MT Newswires' request for comment. Grizzly could not be reached for comment.

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