Ripple and SEC agree, but XRP lawsuit settlement awaits Judge Torres’ final decision, lawyer says.
The high-profile XRP lawsuit has reached a critical juncture, as Ripple and the US SEC have submitted a settlement letter. Nevertheless, Bill Morgan, an attorney for XRP, maintains that the Ripple lawsuit’s settlement approval is still contingent upon Judge Torres’ indicative ruling.
Bill Morgan elaborated on the Ripple vs SEC case, emphasizing the supplementary steps necessary to finalize the settlement amid ongoing uncertainty. XRP lawyer’s X thread will be dissected, and the prospective developments within the suit will be analyzed.
The XRP lawsuit settlement is not a done deal, as explained by the lawyer
In a recent X post, Bill Morgan, an XRP litigator, provided his perspective on the uncertainty surrounding the Ripple case settlement. Morgan asserts that Judge Analisa Torres’ approval remains uncertain, even though both parties have consented to a settlement.
Nevertheless, Morgan believes Judge Torres’ approval becomes more believable when the public interest is considered. He declared,
There is no certainty that judge Torres will grant the relief the parties seek pursuant to the settlement agreement. She must form a view that it is in the public interest.
Morgan elaborated on his points, asserting that the overwhelming support from XRP holders could influence the settlement terms. Morgan stated that the judge will likely consider dissolving the injunction and reducing the fine to $50 million, citing pro-XRP counsel John Deaton and the 80,000 followers in the Ripple lawsuit.
Dissection of the Settlement Process
Morgan has emphasized that the XRP lawsuit settlement procedure consists of several critical steps. The initial and most significant stage involved the settlement requests of both parties. While Ripple filed for a settlement on April 23, the SEC submitted the letter on May 8. Additionally, the parties have submitted motions to suspend the ongoing appeal and cross-appeal. They submitted a Rule 62.1 motion on May 8 to obtain an indicative judgment from Judge Torres.
If Judge Torres grants the indicative ruling, the parties will submit a motion for a limited remand to the Court of Appeals to pursue the mutually agreed-upon relief. Upon receiving the remand, they will submit a motion to Judge Torres to execute the provisions of the XRP lawsuit settlement. Once the fine is paid and the injunction is dissolved, the final step will be for both parties to file a motion to dismiss the appeal and cross-appeal with the Second Circuit Court.
