Ripple and R3 Reach Settlement in Year-Long Court Case

Ripple and R3 Reach Settlement in Year-Long Court Case
фото показано с : bitcoinmagazine.com

2018-9-12 21:26


A year-old legal battle between two of the crypto industry’s leading organizations is coming to a close.

After a volley of countersuits that had the companies jumping from courthouse to courthouse, Ripple and R3 have brokered a settlement that will put the drama to rest. The terms of the settlement, however, are being kept under wraps by both parties.

In correspondence with Bitcoin Magazine, a representative for Ripple stated that the company has “nothing to share beyond the statement issued yesterday.”

The legal proceedings date back to July of 2017 when R3 accused Ripple and Brad Garlinghouse of breaching an agreement that would allow R3 to purchase 5 billion XRP, Ripple’s native currency, at a rate of $0.0085 before September 2019. By the time the court proceedings came to light, XRP was trading at $0.26.

After the Delaware Chancery Court threw the case out, the suit continued in the California State Supreme court when Ripple filed a countersuit against R3 to dismiss the suit. After this case was thrown out, as well, the case was moved to New York.

In the ongoing case’s latest filing, Ripple claimed, “R3 breached separate and distinct promises it made to Ripple and XRP II.” This included withholding information that financial institutions J.P. Morgan, Goldman Sachs and Morgan Stanley would be leaving R3’s consortium during the terms of the agreement, these banks being integral to Ripple’s adoption, the company claimed.

Seeing as R3 failed to “assist Ripple [in signing] up a single bank,” the countersuit sought to nullify the original agreement and award Ripple with a settlement for related damages.

Ripple has become a familiar defendant on the floor of the U.S.’s judicial system. Aside from its legal trouble with R3 — arguably its most important court case to date — the blockchain company is currently juggling three separate lawsuits charging it with the sale of unregistered securities.  

At press time, R3 had not yet responded to Bitcoin Magazine’s request for comment. This article has since been updated with a comment from Ripple.

This article originally appeared on Bitcoin Magazine.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 0.5146 (-0.36%)
Объем 24H $1.129b
Изменеия 24h: -0.93 %, 7d: -5.48 %
Cегодня L: $0.5005 - H: $0.5193
Капитализация $28.423b Rank 7
Цена в час новости $ 0.2827 (82.03%)

ripple case court settlement bitcoin magazine xrp

Источник: bitcoinmagazine.com

ripple case → Результатов: 42


Ripple CEO Says Institutional Investors are Buying XRP at Record Rate

DailyHodl reports that Ripple CEO Brad Garlinghouse says Wall Street investors are buying and holding XRP at a record rate. Despite falling prices in the current bear market, Ripple has been mounting positive momentum in the press recently after winning its first court case earlier this month and revealing the company’s plans to enter into… The post Ripple CEO Says Institutional Investors are Buying XRP at Record Rate appeared first on UNHASHED.

2018-8-24 00:08


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Man Sentenced for Illegal Money Transmission Services on LocalBitcoins

U. S. citizen Morgan Rockcoons has been sentenced to fines and prison time for running unlicensed money exchange services on LocalBitcoins. Advertising himself on the peer-to-peer bitcoin trading network, Rockcoons made more than 1,000 transactions with hundreds of different users.

Five Keys to Inner Strength From Five Years in Prison

October 1, 2018, marked five years since I was imprisoned. My physical surroundings today are ironically similar to what they were after my arrest back in 2013. I’m in the SHU again (Special Housing Unit, aka “the hole”).

Cryptopia Turns to a U.S. Court for Account Holder Data Protection

In the latest development over its security breach, cryptocurrency exchange Cryptopia has filed for bankruptcy protection in the U. S. The New Zealand-based exchange, which has been dealing with the fallout of a January 2019 hack, went into liquidation and stopped all trading earlier this month.

Dutch Authorities Shut Down Bestmixer

The Dutch Financial Intelligence and Investigation Service (FIOD) has shut down cryptomixing site Bestmixer. io. According to local media, Dutch authorities moved to shut down the site on May 22, 2019, as part of a joint operation with police agencies from several European nations, including France, Latvia and Luxembourg.

Tether Partly Backed by Bitcoin, Court Transcription Reveals

Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin. As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets.

Tether and Bitfinex Ask New York Attorney General for Fund Accessibility

Attorneys for Tether and Bitfinex are hoping to get the former access to its reserves amid a legal dispute with New York Office of the Attorney General (NYOAG). In a letter sent to the New York County Supreme Court, attorneys representing iFinex (the parent organization of Bitfinex) and Tether took issue with the restrictions that had been placed on Tether's transactions with related parties as part of an ongoing case against them, stating that the NYOAG had no basis for disallowing tether (USDT) holders and other affiliated entities from redeeming their tokens.