Monday, September 10, the company Ripple Labs Inc. announced that all disputes with a consortium of R3 HoldCo is permitted, and judicial issues are resolved. The details of the agreement were not disclosed.
Recall that the litigation between Ripple Labs and a consortium of R3 began in September 2017. R3 then filed a lawsuit against the cryptocurrency of the company in the Chancery court of the state of Delaware. The consortium accused the Ripple in default under the contract related to the purchase of the bitcoin and XRP. According to this contract R3 have the right to acquire the digital currency in the period since the conclusion of the contract through September 2019 at a price less than the market, but the partner did not provide them that opportunity. It was about five billion XRP tokens at the rate of $0,0085 at a time on exchanges, the cryptocurrency was trading at a price of $0,21.
Ripple filed a counter-suit and explained that under the contract the company was to establish a joint commercial enterprise, which conducted a test of the cryptocurrency. However, R3 did not fulfill his part of the contract, and therefore have not received the XRP at a reduced price.
In October 2017, the court of the state of Delaware dismissed a lawsuit against the Ripple R3, after which the consortium has applied to the courts of California and new York, and the Ripple again filed counterclaims. At the beginning of trials, the value of the contract, in connection with which the argument began, was about $1 million, but a few months later, the XRP exchange rate rose sharply, and, accordingly, increased the price of question to $3,85 billion.
Recall that this is not the only lawsuit against Ripple. Beginning in may of this year, three different applicant accused the company of concealing the real status of the token XRP, which, according to the plaintiffs, should be characterized as equity. This leads to the Ripple of the securities Act, U.S. and California corporate code, which makes the sale illegal token. Last month the company managed to achieve unification of judicial processes into one to reduce the cost of time and resources. The first suit was eventually voluntarily withdrawn.
