Ripple and SEC File Joint Motion for $125 Million Settlement Agreement
In the SEC vs Ripple lawsuit, both parties filed a joint motion on June 12 seeking to validate a $125 million settlement agreement. This comes ahead of a June 16 deadline set by Judge Analisa Torres. Previously, a similar motion was rejected, but XRP lawyer Bill Morgan believes the judge will approve it.
Key Points from the Joint Motion
- The motion requests the Manhattan District Court to lift an injunction and release the $125 million civil penalty held in escrow.
- $50 million is proposed for the SEC, with the remainder returned to Ripple.
- Both parties cite “exceptional circumstances” including the evolving crypto policy and mutual interest in avoiding further litigation.
Comments from Legal Experts
- Bill Morgan emphasized that exceptional circumstances justify modifying the judgment to facilitate the settlement.
- If the motion is rejected, litigation will continue with appeals from both parties.
- Attorney Fred Rispoli criticized the joint motion for lacking depth and strategic finesse, expressing doubts about its influence on Judge Torres.
- Rispoli described the filing as insufficient, expecting a more thorough approach addressing the SEC's regulatory issues.