Ripple Labs Challenges SEC’s New Expert Materials
Ripple Labs Inc. has taken legal action by filing a motion to strike new expert materials submitted by the SEC in the ongoing court battle. This move adds a new dimension to the case, questioning the SEC’s timing and tactics.
Ripple’s Argument Against SEC’s Timing and Strategy
Ripple Labs contests the SEC’s introduction of expert declaration and exhibits by Andrea Fox after the agreed deadline for remedies discovery. They claim this unfair practice by the SEC is untimely and lacks transparency during the discovery process.
- Ripple questions Andrea Fox’s detailed accounting analyses to determine Ripple’s alleged profits from XRP sales.
- They argue that Fox’s involvement goes beyond mere data summarization, making substantive accounting judgments without prior disclosure as an expert witness.
- Ripple’s legal team cites previous cases to support their claim of unfairness in the SEC’s actions.
The SEC’s Stand and Ripple’s Response
The SEC classifies Andrea Fox as a “summary witness,” while Ripple insists she should be considered an expert witness due to her specialized accounting knowledge and in-depth financial analysis.
- Ripple highlights the procedural disadvantage caused by the SEC’s timing, which prevented them from adequately challenging Fox’s findings and presenting a rebuttal.
- They argue that striking the late disclosure is crucial to maintaining fairness in the legal process and defending their case effectively.
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