Ripple and R3 Settle Contract Disagreements …
Ripple and R3 resolve contract disputes in court
New York-based blockchain startup R3 Holdco LLC is suing rival Ripple Labs Inc. due to a disagreement over a contract that was signed in 2016. This writes Reuters with reference to a lawsuit filed in the Delaware Chancery Court this Friday.
In September 2016, the companies entered into an agreement, according to which R3 received the right to buy 5 billion XRP tokens at the rate of $ 0.0085 apiece at any time until September 2019. Currently, 1 XRP is worth $ 0.21, according to CoinMarketCap..
In June 2017, Ripple CEO Brad Garlinghouse attempted to terminate the contract by sending a notification to R3 CEO David Rutter via email.
R3 insists that Ripple cannot unilaterally terminate the agreement, and asks the court to confirm all of its rights under the contract, including the purchase of XRP tokens at any time in the next 2 years. No copy of R3’s claim has yet been released.
In turn, Ripple sent a counterclaim, according to which both companies agreed to establish a joint commercial venture and were to test the XRP system with the participation of banks that are members of R3.
Ripple accuses R3 of not fulfilling the terms of the agreement. In addition, the company claims that R3 hid from it the fact that several members of the consortium, including Goldman Sachs and Banco Santander, were planning to leave the group at the time of the agreement, despite the fact that R3 promised to promote XRP among the aforementioned banks..
A spokesperson for Ripple told CoinDesk: “Our claim is straightforward: R3 misrepresented their ability and intention to fulfill their obligations. Given the fact that XRP was up ~ 4000% over the course of the year, R3 suddenly wanted to benefit from XPR, although the facts clearly indicate that they did not deserve this right under the terms of the agreement. We wish them the best in developing consulting practices. Ripple is now focused on serving an ecosystem that already has nearly a hundred customers. Their number will increase in the near future “.
A spokesperson for R3 declined to comment on CoinDesk’s request, but expressed confidence in his company’s success in court..
This litigation is important to the industry as R3 and Ripple are key players and serve financial companies. To date, R3 and Ripple have raised $ 107 million and $ 96 million in venture capital, respectively.
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