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Ripple and R3 reach an agreement after a 12-month court case

12 September 201 9:14 PM

After an ongoing legal battle between Ripple Labs and the R3 consortium, which initially began with an agreement for R3 for the purchase of five billion XRPs, it was finally reached an agreement. [19659003] On September 8, 2017, the R3 blockchain consortium accused Ripple of infringing an option contract that gave R3 a three-year window to buy $ 5 billion for just $ 0, 0085 each. If R3 had been able to pursue the option, the market price of XRP could have generated a profit of about $ 1 billion for R3.

In the following months, the case moved the courts twice and Ripple neutralized R3. Ripple claims to have accepted the option contract after R3 promised to offer opportunities for Ripple's blockchain, including the potential to "help Ripple become a leader in the cross-border payment market". Ripple and XRP II, Ripple's financial services company, also accused R3 of hiding information that financial institutions JP Morgan Chase, Goldman Sachs and Morgan Stanley were leaving the R3 consortium. Ripple and XRP II felt that the three organizations were key for the success and adoption of Ripple.

The Ripple and XRP II countermove aimed at invalidating the original agreement, including the purchase option, and obtaining an agreement for damage related to Ripple.

The final case was fought in the Supreme Court of New York with a dossier of January 2018 that exposed the charges and denials and requests for compensation for costs and damages to Ripple and XRP II "arising from misconduct of R3. " [19659004] Ripple published a press release on 10 September 2018, simply stating that R3 and Ripple had reached an agreement on all outstanding disputes and that, "The terms of the agreement will remain confidential and both parties will not see the 39; time to put these disputes behind them. "

So far neither Ripple nor R3 seem willing to comment more on the press. The XRP currency has struggled this year, dropping to a price of $ 0.26 USD. Ripple is still facing an outstanding lawsuit in which he was charged with selling unregistered securities. However, resolving differences in Ripple and R3 could be an indispensable step forward for both organizations.

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