The dispute between R3 and Ripple amounts to $ 5 billion. The case was brought before the Delaware court, but Delaware rendered a judgment in which it declared itself incompetent. The case is then dismissed.
R3 vs. Ripple: A $ 5 Billion Affair
The reason for the dispute is an agreement between Ripple and R3, which Ripple would not have complied with. R3 would have had an option to buy XRP - the tokens of the cryptomonnaie Ripple - which ended in 2019. The call option involved a volume of 5 billion tokens, bought at 0.0085 $ unit.
R3 vs. Ripple: The Next Step
Brad Garlinghouse, CEO of Ripple, welcomed a win on Twitter. That, however, would not be totally accurate.
The Delaware judge simply ruled that he was not competent. In law, incompetence is a situation in which an authority considers that it is not within its jurisdiction to rule on a case. It would therefore simply be rejected, referred to another institution. The sources diverge as to the continuation of the case that could take place in California or New York.
Brad Garlinghouse disputed this assertion. The court's decision would be an important victory. The rest of the case would take place in California, not for retrial but for a new court to rule on Ripple's counter-prosecution, where Ripple accused R3 of misleading him terms of the contract. Case to follow.
Source : TheMerkle ; CoinTelegraph ; Fortune ; FinancialTimes