R3 Consortium and Ripple Labs Settles Dispute Over Five Billion Cryptocurrency Lawsuit
Blockchain companies Ripple and R3 Corda have reached an undisclosed settlement that saw both firms filing suits over a contract dispute.
The two companies have signed an out-of-court agreement over a purchase clause in the 2016 agreement that gave R3 options to buy 5 billion XRP tokens. However, the terms of the settlement, are being kept undisclosed by both parties.
“R3 HoldCo LLC, R3 LLC, Ripple Labs Inc., and XRP II, LLC announced 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 litigation between Ripple and R3 Consortium began in September 2017, when the consortium filed a lawsuit in Delaware and New York against Ripple Labs. R3 then claimed that Ripple had violated a prior purchase agreement between the two companies for XRP tokens.
Ripple Labs subsequently filed a counterclaim in California, where it accused R3 of breaching a number of commitments within the agreement.
It remains unclear when exactly the discussions between the two began last year. However, at the time of the lawsuit, the XRP token was trading above 20 cents. This would have meant that R3 could have sold their payment for over $1 billion. Evidently, those at Ripple felt the contacts that R3 could have provided them were worth such an enormous price.
Get Bitzamp Latest Update By Downloading our Mobile App: Bitzamp – Cryptocurrency News – Apps on Google Play