The legal tussle between Ripple, the San Francisco-based cross-border payment firm, and the United States Securities and Exchange Commission (SEC) continues to grow every day. Rarely does one gets to see two opponents collaborating under the same umbrella. A rare occasion indeed.
The occasion decoded
The court granted Ripple and the SEC- a two-week time extension request to discuss and agree on the appropriate attorney’s fee required to depose the supplemental rebuttal report from Dr. Albert Metz.
The approval, which came through text, saw “any motion for attorneys’ fees as described in the Court’s April 19, 2022 order . . due by May 27, 2022.”
Both parties required the deadline for the attorney’s fee extended to 27 May 2022.
Now, the parties have agreed upon a fee award in connection with the Metz Supplemental Report and Deposition in a 27 May filing. In fact, both Defendant and Plaintiff collaborated to make the required payment. Although, the amount of the award was not disclosed, yet.
James Filan, a famed attorney highlighted this development on the social media platform.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have agreed upon a fee award in connection with the Metz Supplemental Report and Deposition and the SEC is working with the Ripple Defendants to make the required payment. The amount of the award has not been disclosed. pic.twitter.com/zI3hn3tEXE
— James K. Filan 🇺🇸🇮🇪100k+ (beware of imposters) (@FilanLaw) May 27, 2022
It is worth noting that Dr. Metz is a witness for the SEC who would prove that Ripple’s actions had a direct impact on the price of XRP during the sale of the digital currencies in 2013. Well, as part of a larger plan to prove that the Defendants breached the United States securities laws.
This development did have an interesting set of reactions within the crypto community. Some just saw this fee as a “waste of their tax money.” While others just wanted to get done with this lawsuit as soon as possible.
Any relief yet?
Yes, XRP holders had anticipated seeing the end of the lawsuit as soon as possible. But that’s not really the case here. They would have to wait until next year, considering the recent timeline shared by the attorney.
— James K. Filan 🇺🇸🇮🇪100k+ (beware of imposters) (@FilanLaw) May 26, 2022
To make things worse, XRP suffered a fresh 2% correction as it traded below the $0.4 mark.