From the various partnerships that Ripple has made in the past few months, none of them would go on to be as notable as its former alliance with R3 Holdco – which ended on a not so positive note with a case against Ripple in the court of law.
The legal battle between the once-chummy entities has since turned uglier, and the latest development in the ongoing case among Ripple and R3 does not seem to be helping in mending their relationship.
ripple will attend lawsuit hearing with r3 in new york
The lawsuit follows the dispute between the two companies where R3, a blockchain consortium that has over 100 institutions under its slate, accused Ripple, an enterprise payment centric blockchain platform, of not paying up an agreed amount of 5 billion XRP.
Whereas, Ripple has countered R3’s claim by stating that the company failed to meet the partnership requirements that would have made it eligible to receive the agreed-upon amount of Ripple’s native cryptocurrency.
The case has been going on since September 2017, and recent development saw a decision that left Ripple stung, in which the San Francisco’s appeals court denied the company’s request to expedite an appeal.
If passed, the appeal would have seen the resolution of the lawsuit. Now, it would see Ripple in a New York court with R3 Holdco, which so happens to be the latter’s home field.
Since this is a developing story, further updates are to come once the case goes to New York.