Ripple And R3 Reach Settlement Over XRP Ownership

News | September 11, 2018 By:

Distributed ledger firm Ripple has released an official statement on the lawsuit with blockchain software firm R3.

In a press release, Ripple said it has reached a settlement “of all outstanding litigation” with R3. The terms of the agreement, however, will remain confidential while “both sides look forward to putting these disputes behind them.”

The litigation between the two companies started in September 2017, when R3 filed a lawsuit against Ripple in both New York and Delaware, claiming Ripple had backed out of a previous agreement that allowed R3 to purchase up to 5 billion XRP coins at $0.0085 each before the end of 2019. Ripple filed a counter-claim in a California court, claiming that R3 had violated certain terms and conditions of the agreement.

In October 2017, a Delaware judge ruled in favor of Ripple, forcing R3 to proceed litigation in California and New York. Ripple argued that the company would face “irreparable injury” if it had to fight R3 in New York, which is R3’s home state. In March of this year, a San Francisco state appeals court denied Ripple’s bid to fast-track an appeal of an order quashing a lawsuit against R3.

While originally the value of the contract was worth a little more than $1 million, the total at some point reached the staggering amount of $16 billion as the price of XRP surged over the course of several months.