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Ripple vs. SEC: Settlement Hopes Falter as Parties Move to Extend Discovery Deadline

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Tue, 08/24/2021 - 19:21
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Alex Dovbnya
The parties are seeking to further extend the discovery deadline in order to depose Brad Garlinghouse and Chris Larsen in September
Ripple vs. SEC: Settlement Hopes Falter as Parties Move to Extend Discovery Deadline
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Ripple and the U.S. Securities and Exchange Commission have filed a joint motion, asking Federal Judge Analisa Torres to extend the current expert discovery deadline to Nov. 12.

The extension is needed to depose CEO Brad Garlinghouse and co-founder Chris Larsen, the company’s two top executives who were named as individual defendants in the high-profile cryptocurrency case.

As reported by U.Today, Magistrate Judge Sarah Netburn granted the SEC’s request to extend the pre-trial discovery phase by two months to Oct. 15. However, it now appears that expert discovery will drag on for almost a whole month longer. 

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Ripple Says SEC “Mischaracterizes” Hinman Deposition

No settlement

Connecticut-based defense lawyer James K. Filan, who closely follows the Ripple case, believes that the most recent motion signals that a settlement is not on the table:

In my experience, anyone who thinks this case is settling anytime soon should reconsider.

Judge Torres still has to rule on the Ripple executives’ twin motions to dismiss the case and XRP holders’ motion to intervene.

There are also several ongoing discovery disputes, with the court recently scheduling a new telephonic conference.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.