Home / Crypto News / Ripple against plaintiff R3: litigation ended, parties reach secrecy agreement

Ripple against plaintiff R3: litigation ended, parties reach secrecy agreement

Ripple against plaintiff R3: litigation ended, parties reach secrecy agreement

There is an interesting new development to one of the various legal disputes between Ripple Labs and XRP II, LLC. So Ripple has confirmed on Business Wire that they have agreed with the opponent “R3 Holdco LLC”. R3 is a decentralized database company with a consortium of more than 200 companies.

The communication stated that the settlement would end all litigation between the parties. However, the exact agreement should remain secret, Ripple said.

Reuters first reported the lawsuit in September 2017. R3 filed a lawsuit against Ripple before the Delaware District Court. The complaint stated that the two companies had entered into a partnership in 2016. Under the terms of the agreement, R3 should be authorized to purchase 5 billion XRP tokens at a price of $ 0.0085. This right should continue until September 2019.

Next in the claim, Ripple CEO Brad Garlinghouse e-mailed R3 CEO David Rutter in June. The goal of the e-mail was a cancellation of the contract. According to the report, however, a repeal was only possible by mutual agreement. For this reason, R3 has turned to the court to protect his rights.

The same day, Ripple filed a counterclaim with the California Supreme Court. The complaint alleged that R3 had made false promises to enter into the partnership with R3, breaking it immediately after signing.

So there stood:

“Already in 2016, R3 presented itself to Ripple as a leading consortium of banks, with whom Ripple should partner. (…) R3 should work to give Ripple access to these banks to introduce them to ripple technology and [ripple] XRP. This should prove to be a fundamental component of Ripples success. In addition, the CEO of R3 assured Ripple that the ultimate goal is to commercialize a product. “

Furthermore, the application stated that almost immediately after entering into the partnership, R3 “disappeared” as a partner. In June 2017, after almost a year of Ripple waiting for R3 to complete his duties, Ripple terminated the contract.

The resulting litigation dragged on until September 2018. It ended with the now settled settlement and a secrecy clause.

On Twitter, “Crypto 589” wrote:

“SBI brought them together. Hopefully they can work together in the future. “

Twitter user Michael Strong said:

“I hope Ripple announces the details. After all, it's about a significant amount of [ripple] XRP. “

Ripple against plaintiff R3: litigation ended, parties reach secrecy agreement

Sources: Business Wire, Reuters, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/ripple-gegen-klaeger-r3-rechtsstreit-beende-parteien-treffen-geheimhaltungsvereinbarung/

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