R3 And Ripple Labs Reach Settlement

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R3 And Ripple Labs Reach Settlement

By Ryan Warner
September 11th, 2018

In a press release published September 10 Ripple Labs has announced that it has settled all litigation with R3 Consortium. The statement reads that the details of the settlement will remain confidential.

Trouble arose between R3 and Ripple Labs in September 2017 when R3 filed a lawsuit against Ripple in Delaware and New York. R3 claimed that Ripple violated a purchase agreement for XRP tokens between the two companies. The agreement included an option for R3 to be able to purchase up to 5 Billion XRP at a price of $0.0085 before the end of 2019.

In October 2017 a Delaware judge dismissed the case and R3 was forced to continue litigation in California and New York.

Ripple filed a counter claim against R3 in California accusing R3 of violating several commitments within the agreement. At the time of filing the total value of the tokens in question was approximately $1 million, but within several months during the winter crypto boom that became a staggering value of $3.85 billion.

A San Francisco state appeals court denied Ripple's appeal to the order that dismissed its lawsuit against R3 in March 2018.