A law firm “Hogan and Hogan” partner Jeremy Hogan states that new lawsuit declared by U.S. SEC against Ripple Labs related to XRP tokens can continue to start of 2022.
Announcement by SEC
SEC announced on 22 December that the institution has taken an action against Ripple Labs and it’s other two executives who are also important security holders stating that the got more than $1.3 billion through an unauthorized working digital asset securities offering. raised capital to finance the company’s business.
The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide. Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services. According to the complaint, in addition to structuring and promoting the XRP sales used to finance the company’s business,
Report by RippleCoinNews says that he said” without disclosure no settlement would be done. Can it be settled before”? He further said that he doesn’t think it is likely to be settled before the close of fact discovery. And if it doesn’t settle till mid October then the main issue would be decided by judge Torres as summary judgment.
Jeremy Hogan also said that looking at the summary he doesn’t see any reason of SEC going to be in any hurry on this case. With the passage of time SEC’s settlement position would get better and it would hurt Ripple.
“I see it every day in my firm as most of my clients are fighting large insurance companies and there’s nothing they like better than to kill my clients with time. It’s a very common tactic.“
Tweets by James Filan
American lawyer James Filan, retired prosecutor from United States Attorney’s Office for the district Connecticut, showed significant future deadlines in his tweet.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) June 18, 2021