According to the latest Ripple vs R3 lawsuit update, Ripple Labs has lost its right to hold the court hearing over a contract with its rival R3 in California. Now, everything depends on the future decision of the New York court.
14 March, AtoZForex – Ripple Labs. Inc is the parent company of the Ripple settlement system. The latest reports state that the company has lost its right to hold the court hearing over a contract with its rival R3 in California.
Ripple vs R3 lawsuit update: Ripple lost Appeal to California Court
Back in September 2017, the R3 consortium has filed a lawsuit against Ripple. The company has claimed that the Ripple had breached a prior agreement between the two companies in regards to the purchase of XRP digital currency. The contract has included an option that enabled R3 to purchase up to 5 billion XRP tokens at a price of $0.0085 each at any time before the end of 2019.
Then, the Ripple has filed a claim in California stating that its ex-partner has infringed a number of commitments that are associated with the agreement. Ripple representatives have also stated that R3 has sought to exercise the options as an opportunity after the price of the coin has significantly risen.
At the beginning of this process, the value of the contract in dispute has stood slightly above $1 million. Yet, after several months of court proceedings, the price of XRP has spiked, thus increasing the stakes as the 5 billion XRP now account for around $3.88 billion.
What is next for Ripple Labs R3 Court fight?
Earlier this January, Ripple has filed another counterclaim in New York. The document accused R3 of inking the deal in bad faith. Ripple also stated that R3 has used the partnership to steal its expertise to develop a competing product.
The appeals court of San Francisco has denied Ripple’s petition to appeal the order that dismissed its lawsuit against the R3. This decision has followed a verbal ruling that has been made by a Delaware judge to dismiss R3’s case in October 2017.
Now, everything depends on the future decision of the New York court.
Think we missed something? Let us know in the comments section below.