New: Another Delay In Ripple v. SEC Lawsuit As Court Approves Time Extension Request Made By The Parties 

Another Delay In Ripple v. SEC Lawsuit.

The court has granted Ripple and the Securities and Exchange Commission (SEC) a two-week time extension request to discuss and agree on the appropriate attorney’s fee required to depose the supplemental rebuttal report from Dr. Albert Metz.

The approval, which came through text, saw “any motion for attorneys’ fees as described in the Court’s April 19, 2022 order . . due by May 27, 2022,” attorney James Filan said. 

Motion for Extension of Time granted in a Text Only Order. “Any motion for attorneys’ fees as described in the Court’s April 19, 2022 order . . . is due by May 27, 2022.”

— James K. Filan ????96k+ (beware of imposters) (@FilanLaw) May 16, 2022

SEC Punished for Improper Conduct

Recall that the Securities and Exchange Commission was slammed by Judge Sarah Netburn for how it conducted itself during the submission of experts’ testimony. 

The SEC’s move to submit supplemental expert testimony on the deadline for discovery earned the agency a knock from Judge Netburn. 

Based on the SEC’s improper conduct, the court ordered the agency to cover the expenses of Ripple’s attorney during the process of deposing Dr. Metz’s supplemental rebuttal report. 

“The SEC is ordered to pay Defendants’ reasonable expenses in filing their motion to strike and re-deposing Dr. Metz,” Judge Sarah noted in her April 19 ruling,” Judge Netburn ordered in the verdict. 

Joint Motion 

While many thought the parties would have concluded on an appropriate fee, both the SEC and Ripple disclosed that they were still negotiating a reasonable fee and would require the deadline for the attorney’s fee to be extended to May 27, 2022.  

“Pursuant to the court’s April 19, 2022 order, Plaintiff and Defendants are still meeting and conferring regarding a reasonable fee award. The parties, therefore, jointly request that the Court extend the deadline by which any motion for attorney’s fees must be filed to May 27, 2022,” the joint motion reads. 

It is worth noting that Dr. Metz is a witness for the SEC who would prove that Ripple’s actions had a direct impact on the price of XRP during the sale of the digital currencies in 2013, as part of a larger plan to prove that the Defendants breached the United States securities laws. 

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