Ripple and R3 settle legal dispute

Ripple and R3 settle legal dispute

Blockchain rivals Ripple and R3 have settled a legal dispute, which saw both firms trade blows over technology contracts and joint venture agreements.

The legal battle between the two firms was sparked with the filing of a lawsuit by R3 in September last year over an alleged attempt by Ripple to terminate an options contract which gave R3 the right to purchase up to 5 billion XRPs for $0.0085 per unit.

Ripple's XRP at the time of the suit was trading at more than $0.20 each, representing a 2000% gain on R3's investment.

Ripple denied the claims and in turn retaliated with its own suit, alleging that R3 had failed to deliver on a separate agreement to provide access to the consortium's banking partners and to promote its technology.

Ripple has released a brief statement, confirming the settlement: "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."

Comments: (0)