SEC vs Ripple Case: Parties Seek Ruling to Dissolve Injunction,
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Lawyers for Ripple and the SEC argued that “there are ‘exceptional circumstances’ beyond the Settlement Agreement itself.”
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Sujha Sundararajan
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Sujha Sundararajan
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The US Securities and Exchange Commission (SEC) and Ripple have jointly submitted their latest filing, requesting the court to release a $125 million civil penalty held in escrow. The move is the latest effort in concluding their nearly five-year legal dispute.
Both parties have requested that the Manhattan District Court issue a ruling to “dissolve the injunction against Ripple.” They said the court to allow for $50 million fines to go to the SEC, with the rest $75 million released to Ripple.
Last month, a judge rejected a proposed settlement that would have reduced Ripple’s penalty from $125 million to $50 million. Judge Analisa Torres stressed that the SEC and Ripple must show “exceptional circumstances” to vacate a final judgment.
In the new request filed Thursday, Ripple and the SEC are trying to show that the circumstances now justify closing the case and lifting the restrictions.
End of the Legal Battle?.
If Judge Torres approves this settlement, it would remove any...
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