Ripple, R3 Reach Settlement in Multibillion Dollar Cryptocurrency LawsuitBlockchain companies Ripple and R3 have reached an undisclosed settlement on “all outstanding litigation,” putting an end to a legal spat involving a tranche of cryptocurrency tokens once worth as much as $19 billion.
In a brief statement published on Monday, the San Francisco-based Ripple announced the settlement, stating that the terms would remain confidential.
“R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them.”
The undisclosed settlement is the culmination of approximately one year of litigation between the two firms, a dispute which began after the two once-allied companies had a falling out over the terms of a partnership agreement.
Enterprise blockchain startup R3 originally sued Ripple in Sept. 2017, alleging in complaints filed in both Delaware and New York that Ripple had violated a stipulation in the partnership agreement that gave R3 the right to purchase up to 5 billion XRP tokens at $0.0085 per unit through the end of 2019.
At present, XRP is trading at just over $0.26, representing a nearly 3,000 percent increase from the price quoted to R3. Consequently, the New York-based firm could purchase the entire tranche — now worth more than $1.3 billion — for just $42.5 million. In early January, XRP peaked as high as $3.84, nominally valuing those tokens at more than $19 billion.
https://www.ccn.com/ripple-r3-reach-settlement-in-multibillion-dollar-cryptocurrency-lawsuit/
