Ripple strikes back at the SEC as the case gets quite intrusive, opposing the regulator for additional Slack communications, calling it a “fishing expedition” which will likely take months to complete so let’s read more in our latest Ripple news.
Ripple’s legal battle with the US SEC is approaching a discovery phase deadline as the payments company filed an opposition to the regulator’s request for additional Slack communications. In the meantime, Ripple filed a motion to seal all exhibits attached to the SEC request for Slack communications and to seal exhibits attached to the opposition’s response as the parties currently don’t agree on what should be sealed.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 16, 2021
Attorney James Filan said that the company filed its opposition to the SEC’s motion to compel Ripple and search for relevant Slack communications while still sharing the defendant’s recent letter to the court. According to the filing, Ripple opposed the SEC’s extraordinary demand for the million slack messages as highly disproportionate stating that the regulator’s motion should be denied:
“The SEC’s Letter-Motion downplays the substantial discovery the SEC has already received from Ripple as well as the reasonable offer of compromise that Ripple made to produce additional Slack messages from nine custodians.”
While opposing the request for the collection of the Slack messages from 13 custodians, Ripple argued that just the initial data collection and processing will cost about $1 million. Ripple’s defense pointed out that there are plenty of technical and other challenges with collecting data in Slack while adding that about two percent of the 115,000 Slack documents collected and processed by the company proved to be responsive to the requests for production. The low responsiveness lies in the SEC contends that the Slack data is a rich repository of relevant data, with Ripple adding that the discovery is unreasonably duplicative and cumulative of the obtained documents. According to Ripple, the vendor failed to collect direct messages and multi-party instant messages because of a mistake. After the oversight, the company affirmed that it promptly started collecting all the needed data which is why Ripple strikes back at the SEC.
As recently reported, The major South Korean remittance service provider partnered with Ripple while trying to power up payments between Thailand and South Korea. Set to expand into additional remittance corridors, the GME Remittance joined a flock of the Korean financial institutions and money transfer companies on RippleNet as the blockchain-based payments company continued bolstering the presence in the Asia Pacific.
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