“Ripple Labs and SEC Submit Schedules for Next Phase of XRP Lawsuit“
Top lawyer James K. Filan recently shared an update on the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Both parties have submitted their schedules to Judge Analisa Torres, who is presiding over the case in the Southern District of New York. The next phase of the lawsuit will involve remedies discovery and briefing.
Permissible Discovery Terms Shared
The SEC’s letter to the federal judge, dated November 9, revealed that both Ripple Labs and the SEC have agreed that permissible discovery in the settlement negotiation will include events that occurred before the regulator filed its initial complaint against Ripple in connection to XRP. The SEC has requested a 90-day window for related discoveries, while Ripple has consented to pre-complaint discovery only.
SEC Granted Permission to Depose Witness
In the next 90 days after the scheduling order, the SEC will be allowed to depose witness Anthony M. Bracco. Ripple will have 45 days from the entry of the scheduling order to present a superseding report by Bracco. Any further reports submitted by the SEC will be subject to objection by Ripple.
Hot Take: Lengthy Legal Battle Ahead for Ripple Labs
It seems that a lengthy legal battle lies ahead for Ripple Labs and the SEC, as indicated by the current schedule. Pro-XRP lawyer John Deaton has projected a lot of back-and-forth before a final settlement offering is reached. He believes that a $20 million or lower settlement would be considered a 99.9% success story for Ripple Labs.
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