Last month, blockchain startup for servicing banks and other financial institutions – R3 – had filed a lawsuit against Ripple Labs claiming that the latter has violated a purchase agreement involving XRP tokens, between the two companies.
In the month-long duel between the two companies, finally, Ripple has some reason to breathe some fresh air as the Delaware judge has ruled the lawsuit in favour of Ripple. Ripple CEO, Brad Garlinghouse confirmed this news on his twitter handle stating that the judge had to “throw out” the case.
In the original lawsuit filed by R3, the company had claimed that as per their agreement with Ripple, R3 has the right to purchase XRP tokens at the old rate for a period of three years. However, Ripple was quick enough to respond to this by filing a counter suit claiming that R3 had violated the previous parallel technology partnership agreement and not fulfilled its commitments of promoting the Ripple technology and allowing Ripple to benefit from R3’s banking partnerships and infrastructure.
With the ongoing friction between the two companies, one thing is sure that it will be difficult for the two companies to work together following this conflict of interest and could prove to be a loss for both the parties involved.
With further information coming out that day, it is said that the verbal ruling of the Delaware’s jurisdiction is limited to the court and the lawsuit can proceed further in the courts of NewYork and California.
It remains to be seen how things unfold ahead in the future.
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