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SEC vs. Ripple Lawsuit

The latest development in the ongoing XRP lawsuit saw the SEC file further responses to its letter motion compelling discovery of Ripple’s internal meetings’ audio-visual recordings. In the response letter, SEC noted, now that the plaintiff’s motion has been declared moot, the commission will not engage and thereafter shall not correct “various inaccuracies” in Ripple’s Opposition.

SEC argues against Ripple’s ‘document definition’ stance

Nevertheless, the SEC has argued against one of Ripple’s reasons mentioned in the opposition letter, in lieu of seeking “sound recordings” since its January 2021 document request. The SEC asserted that ‘Sound recordings’ are listed under the definition of ‘documents’ by the Federal Rule of Civil Procedure 34.

Ripple, in its opposition letter, had argued against SEC’s vague definition of “documents”, with which the plaintiff accused the defendants of failing to discover data via meet and confer. Ripple had noted that the SEC definition of documents was “unreasonably broad” and result in a discovery process that is “burdensome and disproportionate”.

The SEC has clarified that it is ready to meet and confer with the defendants about the scope and parameters of Ripple’s searches for any additional relevant recordings. Furthermore, the plaintiff has also mentioned that it may seek the Court’s assistance again if they fail at reaching a solution with the defendants for ongoing issues.

One of these issues includes, “the parties’ ongoing dispute as to whether Ripple should search the recordings for those in which the same employees whose emails Ripple agreed to search for responsive documents are the relevant speakers.”

SEC files an objection to Ripple’s Motion to Seal

The SEC has also filed an objection against Ripple’s Motion to Seal documents of the defendant’s internal recordings. However, this motion has already been granted by the court on “an interim basis”.

The SEC has argued that sealed documents are relevant to the judicial process and cannot be countervailed with the excuse of business or privacy interests’ disruption, upon public disclosure. Along with appealing the court to deny the seal for Ripple’s internal audio-video recording, the plaintiff has also objected to the seal on redacted portions of Ripple’s motion referencing deposition testimonies and corresponding exhibits.

The post XRP Lawsuit: SEC files further response to its letter motion compelling Ripple to produce internal recordings appeared first on Coingape.

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