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Ripple Labs Inc. announced it has reached an agreement "of all outstanding disputes" between R3 HoldCo LLC, R3 LLC and XRP II, LLC, according to a press release published on September 10th. For the statement, the details of the agreement will remain confidential while "both parties are anxious to take these disputes".
The dispute between Ripple Labs and R3 Consortium began in September 2017, when the consortium filed a lawsuit in Delaware and New York against Ripple Labs. R3 then claimed that Ripple had violated a previous purchase agreement between the two companies for XRP tokens. The agreement included an option that allowed R3 to purchase up to 5 billion XRP tokens, in whole or in part, priced at $ 0.0085 before the end of 2019.
A Delaware judge rejected the lawsuit against Ripple in October 2017, forcing the plaintiff to proceed with litigation in California and New York.
Ripple Labs subsequently filed a counterclaim in California, where he accused R3 of violating a series of commitments within the agreement. When the parties started the proceeding, the value of the litigation contract amounted to more than $ 1 million, but after several months the XRP price rose, significantly increasing the stakes since the 5 billion XRP in question was worth about 3, 85 billion dollars.
In March 2018, a San Francisco state appeals court rejected Ripple's claim to appeal to the order that rejected the case against R3.
Ripple has been involved in several legal battles in the last year. In May, Investor Ryan Coffey filed a lawsuit about whether the XRP token is a security or not. Coffey said that the sale of Ripple's XRP tokens violates US securities laws. He claimed that while he was trading XRP token, he lost $ 551.89, also stating that XRP is not really decentralized. The US District Court of the Northern District of California has recently decided to deny a motion for precautionary custody against Ripple.
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