News

California Sends Ripple Lawsuit To New York

Ripple

California, here they go.  To the Big Apple.

Maybe.

In the latest salvo of a legal battle, and as reported by Bloomberg, Ripple, the blockchain developer, has lost what the newswire called “home court advantage.”

In an ongoing courtroom battle back and forth, where Ripple is suing R3 Holdco, an appeals court has said that Ripple cannot continue to joust in California.  As the newswire reported Monday, it will be New York — which, in turn, is R3’s home town — that will be the venue of finality.  This comes after a San Francisco court gave the thumbs down to Ripple’s attempt to appeal an order that “quashed” the suit against R3.  Thus, it is all New York-bound.

The suit hinges over XRP crypto holdings that were, at one point, worth $16 billion.

The two firms have locked horns when once they were partners.  Ripple has said the pact was formed under false pretenses (on R3’s part) and that R3 looked to leverage the partnership into a way to develop a competitive offering.

Its courtroom foe has said that Ripple owes it 5 billion units of the cryptocurrency – as Fortune noted earlier this year, for less than a penny.  In terms of venues, Ripple originally filed suit in California, while R3 sued in New York and Delaware.  The New York setting now stands, as the San Fran suit is over and the Delaware suit was thrown out.

——————————–

Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

TRENDING RIGHT NOW