According to a court order shared by analyst Leonidas Hadjiloizou, defendants Chris Larsen and Brad Garlinghouse can now file a motion to dismiss all accusations from the U.S. Securities and Exchange Commission. What is the deadline for this?
Q2, 2021, may be decisive for Ripple case
The court order signed by U.S. District Judge Analisa Torres of the Southern District Court of New York provides a roadmap for the next stage in the legal battle between the Ripple Inc. payment decacorn, its key figures and the U.S. SEC. Chris Larsen and Brad Garlinghouse are allowed to file their motion to dismiss by April 12, 2021.
Then, by May 14, 2021, the plaintiff (the U.S. SEC) shall review the motions by Ripple's officials and file its opposition papers. The defendants will then be able to reply by June 4, 2021.
Also, by April 22, 2021, the U.S. SEC will summarize all of its accusations and file a motion to strike. Then, defendants Chris Larsen and Brad Garlinghouse will be granted two weeks to protect themselves and file the opposition papers.
The watchdog will reply by May 27, 2021. This order was signed by District Judge Hon. Analisa Torres yesterday on March 18, 2021, and uploaded to the Courtlistener database.
Last chance for Ripple?
As covered by U.Today previously, in late December 2020, the U.S. SEC accused Ripple Inc., its chairman Chris Larsen and its CEO Brad Garlinghouse, of illegally selling unregistered securities to U.S. citizens.
The net amount of illegal sellings in the form of XRP tokens is more than $1.3 billion.
The defendants refused to plead guilty. Recently, the U.S. court judge did not allow XRP holders to intervene in the legal battle as a "third party."