Ripple Labs Inc., the company behind the Ripple Settlement System, lost the right opportunity to hold the hearing a disputed contract with his rival R3 in his original state, California, Bloomberg reported March 13.
In September 2017, the R3 consortium filed a lawsuit in Delaware and New York against Ripple, claiming that the latter had violated a prior agreement between the two companies on the purchase of XRP digital currency. The contract included an option allowing R3 to purchase up to 5 XRP XRP chips at a price of $ 0.0085 each at any time before the end of 2019.
Ripple also filed a counterclaim in California, accusing his former counterfeit partner.
When the two companies sued, the value of the contract involved amounted to just over $ 1 million. However, after several months of court proceedings, the price of the XRP has exploded, raising bids considerably, the 5 billion XRP in question currently worth $ 3.85 billion.
A San Francisco Court of Appeal dismissed Ripple's motion calling the order that dismissed his lawsuit against R3.
The proceedings in San Francisco followed a verbal decision by a Delaware judge to dismiss R3's own case in October 2017. The result of this legal battle now depends solely on the future decision of the court. a court in New York
As Ripple, based in San Francisco, said, having to bring the case to a New York court would cause the company "prejudice" irreparable".