Ripple sues SEC: Court amends proposed schedule

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2022-05-03 13:56:31

Analisa Torres, a judge of the United States District Court for the Southern District of New York, has scheduled a brief for Ripple and the US Securities and Exchange Commission following her recent order.

In late March, the court asked the parties to agree on a schedule for filing summary judgment motions.

After meeting and conversing, the parties submitted a joint proposal schedule for court approval on April 29.

Torres reviewed the parties’ letter, requiring that all moves to exclude expert testimony be fully notified by the end of August. The scheduling order will not apply to any motion to block the expert testimony of financial expert Anthony M. Bracco. The judge said that such testimony could only be filed “when the matter of remedies is ripe”.

The parties must submit any motion for summary judgment by September 2021. Ripple and the SEC will have more than a month to file their objections and motions.

According to the revised calendar by the judge, motions for summary judgment must be fully notified by November 15, one month earlier than the deadline originally proposed by the two sides.

Ripple was sued by the SEC in December 2020. The Regulatory Watchdog accused one of the largest crypto companies of selling unregistered securities as XRP tokens.

As U.Today reports, CEO Brad Garlinghouse recently said that the lawsuit is going “well.” He also noted that the company is operating as if it were at a loss because 95% of its business is based outside of the US.

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