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In the latest XRP lawsuit update, the SEC has filed a Motion to Compel data discovery. The letter motion pleas to the court to compel Ripple to produce video and audio recordings of Ripple staff meetings.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a Motion to Compel Ripple to produce video and audio recordings of Ripple staff meetings it claims to have learned about from a "key former Ripple employee" in a deposition taken earlier this month.https://t.co/3Lfv1UrgZz
ā James K. Filan (@FilanLaw) August 31, 2021
The SEC asserted that Rippleās vast accumulation of potential evidence was kept from the plaintiff, despite SECās request for relevant recordings in one of its very first letters to Ripple in January 2021. However, according to the SEC, Ripple never informed the plaintiff that the defendants routinely recorded staff meetings. Nevertheless, the SEC recently learned about it from a ākey former Ripple employeeā in a deposition taken earlier this month.
Rippleās former Chief Compliance Officer, Antoinette OāGorman revealed for the first time in the lawsuit, in her deposition of 4th August about Rippleās routinely recorded staff meetings. Upon the discovery of this new information, the SEC requested a confirmation of the same from Ripple. Additionally, the plaintiff requested the production of responsive recordings, which it had mentioned when discovery just began, back in January. Ripple acknowledged that it had hidden the routine recordingsā information from the plaintiff.
SEC shares Rippleās condition to compliance of data discovery
Upon SECās informal request, Ripple agreed to produce the audio-visual data. However, the discovery came with terms and conditions. Ripple stated that it will willingly produce the recordings mentioned in Exhibit A if the SEC forfeits its right to seek data discovery in foreseeable future.
Ripple stated,
āright to seek to obtain any relevant and responsive recordings that the SEC may later learn about, including from the September depositions of Individual Defendants Bradley Garlinghouse and Christian A. Larsen or from any additional documents Ripple or the Individual Defendants produce in this litigation.ā
SEC denies Rippleās terms & conditions
Unsurprisingly, the SEC has denied Rippleās conditions to compliance before SECās data discovery request. This, in turn, has led to SECās latest letter motion to compel discovery. The plaintiff also quoted the Federal Rule of Civil Procedure 26(b)(1). It states that the rule permits the acquisition of data that is relevant to either partiesā claim or defense, along with its correspondence to case requirements.
Considering āthe amount in controversy, the partiesā relevant access to relevant information, the partiesā resources, [and] the importance of the discovery in resolving the issues and whether the burden or expense of the proposed discovery outweighs its likely benefit.ā, cited the SEC.
The post XRP Lawsuit: SEC files another Motion to compel discovery after unveiling new information appeared first on Coingape.
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