R3 c. Ripple Lawsuit to be decided in New York while XRP loses its appeal to CA Court

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".