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Lawsuit finally sets to conclude in 2022
As per the recent document shared by attorney Jeremy Hogan, Ripple, which was involved in a lawsuit battle with the United States Securities and Exchange Commission (SEC), is expecting real progress with the case.The document reveals that Ripple seeks to reschedule the pending class action from the earlier set date of August 26, 2022, to November 18, 2022. Document stated:
“Due to the overlap of factual and legal issues between this case and the SEC action, the parties agree that there are efficiencies in having certain aspects of the SEC action precede certain deadlines in this action.”The shrinking of the points in the dispute as a result of the postponement, according to Ripple, would ease the burden on the sides, expedite discovery in the case, and potentially ease the burden on the court as well.
Interestingly, Mr. Hogan stated that the blockchain company expects to win the SEC case in September or October, after which the class action will be dismissed due to judicial estoppel, which prohibits a party from refighting a subject resolved in a previous lawsuit, even if the matter is related to a separate claim.
What is the SEC vs. Ripple lawsuit?
In December 2020, the SEC filed a lawsuit against Ripple for allegedly selling more than $1.3 billion in unregistered XRP between 2013 to that time. The regulatory body started by sending two legal memoranda to Ripple through law firm Perkins Coie.Ripple General Counsel said that the SEC used the memos ‘as a sword, or as a bludgeon,’ instead of using them as an example of proactive compliance. The Blockchain company later registered its disagreement with Judge Netburn’s Deliberative Process Privilege (DPP) ruling and the SEC’s Motion for Partial Reconsideration and Clarification.
The lawsuit has been in the headlines for more than one year. However, the company’s CEO Brad Garlinghouse, said in November last year that it will be closed in 2022.
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