Ripple Crypto Platform And R3 Come To Agreement In Lawsuit
Ripple settled all litigations with the R3 group of companies about the acquisition of XRP tokens, according to the press release published by Ripple.
The details of the agreement between the two companies are confidential, but both parties of the lawsuit express satisfaction with its outcome, Ripple representatives state.
R3 initiated the litigation last fall when a lawsuit was filed against Ripple in the courts of the states of Delaware and New York. The statement contained information that the crypto platform didn’t comply with the terms of the contract for the purchase of XRP tokens. The document included an option for the plaintiff to buy five billion tokens worth $0.0085 in parts or fully at any time before the end of the next year.
Following this, Ripple filed a counterclaim to the California court and accused R3 of defaulting on the obligations of the treaty. In this spring, the court rejected Ripple's lawsuit against R3. Meanwhile, at the beginning of the trial the total amount of the dispute was $1 million, but in a few months the XRP price increased, and the total amount was almost $4 billion.
According to the CoinMarketCap data on September 11, at 18:05 (UTC), the XRP price is $0.258 with a market capitalization of $10.2 billion.
Ripple representatives have been having lengthy litigation procedures over the past year. One of them is against investors who filed a few lawsuits to prove that the company violated the US Federal Securities' legislation when it sold XRP tokens. As a result, Ripple lawyers succeeded in combining these lawsuits.