Ripple Seeks to Protect Its Confidential Business Information in Ongoing Lawsuit Against the SEC

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Ripple has filed a motion to seal certain documents in connection with the motion for summary judgment. 

Leading blockchain company Ripple has filed an omnibus motion to seal certain documents in connection with the summary judgment motion filed by the parties on September 13, October 18, and November 30. 

Per the omnibus motion filed yesterday, the Silicon Valley blockchain company said it seeks no redaction to the summary judgment briefs. However, the Defendants requested limited redactions to the parties’ Rule 56.1 statements. Furthermore, the Defendants also seek narrowly-tailored redactions to a few numbers of the parties’ summary judgment exhibits. 

Ripple said its limited and narrowly-tailored sealing requests are reasonable, as it wishes to protect certain confidential business information and the privacy interests of the third parties referenced in the summary judgment briefs. 

Ripple added that the SEC had indicated in a prior briefing that it does not have any opposition to the defendants’ request to seal or carry out narrowly-tailored redactions to protect third parties’ privacy interests and the company’s confidential business information.  

“Copies of these documents with proposed redactions highlighted have been submitted under seal along with this Letter-Motion. To aid the Court in its consideration of Defendants’ proposed redactions, Defendants have appended a detailed log identifying the basis for sealing or redacting each document,” Ripple added. 

Ripple: Summary Judgment Materials Are Voluminous

The leading blockchain company noted that the materials submitted in connection with the summary judgment motions are voluminous. Explaining how voluminous the materials are, Ripple said the Securities and Exchange Commission attached over 770 exhibits to its summary judgment motion. According to Ripple, the SEC did not cite many of the exhibits it submitted. Furthermore, the SEC also submitted over 2,000 factual statements to local Rule 56.1 statements. 

“Altogether, the Summary Judgment Materials consist of over 1,100 documents, or nearly 40,000 pages,” Ripple said in the letter. 

Some of the SEC’s exhibits, according to Ripple, include Ripple’s audited financial statements, confidential settlement agreements, and bank account statements. Ripple stated that the limited redaction it seeks will not have any impact on the court’s resolution of the summary judgment motion, adding that none of the redaction is relevant to the parties’ legal dispute. 

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