Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Paha87 on September 11, 2018, 05:34:08 PM
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(https://binary-club.ru/wp-content/uploads/2017/07/new-york-approves-ripple-labs-application-for-bitcoin-license-1024x576.jpg)
Ripple Labs Inc. announced that it reached a settlement of all lawsuits between R3 HoldCo LLC, LLC, and R3 XRP II, LLC. In a statement released on 10 September, the details of the settlement remained undisclosed, while it was stated that "both sides were looking forward to seeing these disputes left behind."
The trial between Ripple Labs and the R3 consortium began in September 2017, when the consortium filed a lawsuit in Delaware and new York against Ripple Labs. R3 then claimed that Ripple violated an agreement to pre-purchase XRP tokens between the two companies. The agreement included an option to allow R3 to buy up to 5 billion XRP tokens, in part or in whole, at a price of $0.0085 by the end of 2019.
In October 2017, a Delaware judge brought a case against Ripple, forcing the plaintiff to continue the lawsuit in California and new York.
Ripple Labs then filed a counterclaim in California, where it accused R3 of violating a number of obligations under the agreement. When the parties started the proceedings, the contract value in the dispute was more than $ 1 million, however a few months later the price of XRP rose, significantly increasing the rates as the 5 billion XRP in question came to cost about $ 3.85 billion.
In March 2018 the court of appeal of the state of San Francisco has denied the application of the Ripple on the appeal against the decision that rejected the claim of the company against R3.
Ripple has also been involved in several other legal disputes over the past year. In may, investor Ryan Coffey filed a lawsuit, claiming that the tokens are XRP securities. Coffey argued that selling XRP tokens violates the laws of the United States securities. He claimed that by trading XRP tokens, he lost $551.89, also stating that XRP is not really a decentralized network. The us Federal district court for the Northern district of California recently ruled to dismiss a motion for re-preemption against Ripple.
Link to information resource - https://altstake.io/news/ripple-labs-zavershila-vse-sudebnye-tyaghby