MoneyGram, an international payments company, asked the U.S. District Court for the Southern District of New York (SDNY) to “seal certain portions of the parties’ Summary Judgment Materials” in the ongoing Ripple vs. SEC (Securities and Exchange Commission) lawsuit.
In a document published on January 4th, 2023, MoneyGram told Judge Analisa Torres that “the limited redactions that MoneyGram requests are narrowly tailored to protect its highly confidential business information, as well as the identity of its employees.”
“The proposed redactions are limited to a few lines from a deposition transcript of an officer of MoneyGram and dollar amounts, percentages, and related numbers from a work order, which contain nonpublic information related to MoneyGram’s sensitive financial information and business strategies and operations.”
“Indeed, public disclosure would be highly detrimental because it would reveal to the public and MoneyGram’s competitors detailed information about MoneyGram’s internal and confidential business operations and strategic matters. MoneyGram also seeks to redact a handful of references to identifying information of its employees to protect their legitimate privacy interests,” added the company.
MoneyGram requested to seal a few documents for the summary judgment – a judgment done on the basis of certain facts and evidence without trial. It is based upon a motion by one of the parties that argues that all necessary factual issues are settled or so one-sided they need not be tried.
Blast from the past
InJune 2019, MoneyGram, one of the world’s largest money transfer companies announced a “strategic partnership” with Ripple, a leading service provider in blockchain solutions for cross-border payments.
The alliance allowed MoneyGram to use Ripple’s xRapid, leveraging XRP in foreign exchange settlement as part of the company’s worldwide payments operation. Also, Ripple made an investment of $30 million in the firm’s equity.
In February 2021, MoneyGram’s partnership with Ripple came to an end, which cut off a crucial income stream for MoneyGram at the time. It left CFO Larry Angelilli with “no clear options”, as a key income source was now dead. The decision came after the SEC sued Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen for violation of investor-protection laws in December 2020, as per The Wall Street Journal.
Furthermore, in a securities filing, MoneyGram stated that they will not continue trading with Ripple, despite crypto and the blockchain as an important part of its future, according to the statement of Mr.Angelilli in early 2021.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/05/moneygram-asks-authorities-to-seal-portions-of-fillings-in-ripple-vs-sec-case/