“Ripple” was a low-end fortified wine produced by E & J Gallo Winery that was popular in the United States, particularly in the 1970s and that’s how many people know the term. But blockchain firms Ripple and R3 have decided to raise a fortified glass together and put an end to an ongoing legal dispute concerning tokens. In an official disclosure, Ripple Labs Inc. released a statement saying:
“R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce 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 two companies were engaged for almost one-year in a legal battle which started over the terms of a partnership agreement between the two companies that caused them to break earlier ties. Last year in September 2017, R3 sued Ripple alleging that the latter violated a stipulation in the partnership agreement. As part of the agreement, R3 had the right to buy up to 5 billion XRP tokens at the rate of $0.0085 per token until the end of 2019.
The existing price of Ripple (XRP) tokens is $0.26, a 3,000 percent increase from R3’s quoted price. As per the agreement, R3 can purchase all the 5 billion XRP tokens – now valued over $1.3 billion – at just $42.5 million. When the Ripple price reached its all-time high of $3.84 in January, the value of R3’s XRP tokens was at $19 billion. You could buy a lot of EJ Gallo “Ripple” wine for that!
However, the enterprise blockchain startup R3 has said that Ripple has refused to keep its word. Thus R3 filed a complaint in the courts of Delaware and New York, requesting to force Ripple into compliance. Ripple later filed a countersuit in California saying the R3 has failed to fulfill its obligations under the agreement and thus exhausted its right to carry out XRP options.
Even when comes to companies that most people don’t even understand, they argue, fight and things get legal with some nasty disputes. And when those things negatively affect YOUR business, call in Ripple wine connoisseur and good guy litigator Dean Sperling who will work to resolve YOUR matter with YOUR best interests in mind!
Ripple and R3 Reach Settlement Over an Ongoing Legal Dispute