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BREAKING: Ripple and SEC File Joint Motion to Request Time Extension in Ongoing Lawsuit


thecryptobasic.com 13 May 2022 23:57, UTC
Reading time: ~3 m

Both the SEC and Ripple want Judge Sarah Netburn to extend the deadline for motions regarding attorney’s fees in line with Dr. Metz’s Supplemental Report.

Ripple investors have complained about the constant delays experienced throughout the course of the blockchain company’s ongoing lawsuit with the Securities and Exchange Commission (SEC).

While the majority of the delay is attributed to the SEC based on its incessant request for time extension to file motions or respond to Defendants, Ripple recently requested for an extension of time to respond to the security agency’s claims regarding William Hinman’s documents.

However, for the first time in the lawsuit, both the Defendants and the Plaintiff have jointly requested for a two-week time extension to discuss and agree on the appropriate attorney’s fee in connection with Dr. Albert Metz’s supplemental rebuttal report.

The SEC and Ripple filed a joint motion today seeking a time extension so that they can decide what fee is appropriate to cover the blockchain company’s attorney charges while filing motions to re-depose Dr. Metz’s reports.

“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,” excerpt of the motion reads.

#XRPCommunity #SECGov v. #Ripple #XRP Parties file joint request for extension of time regarding attorney’s fee connected to Metz Supplemental Report. pic.twitter.com/AVQfZR411u

— James K. Filan 🇺🇸🇮🇪96k+ (beware of imposters) (@FilanLaw) May 13, 2022

SEC Slammed for Improper Conduct

This comes less than a month after the Securities and Exchange Commission was ordered by Judge Netburn to cover the expenses that Ripple will incur during the process of re-posing Dr. Metz’s supplemental report.

As reported, the Securities and Exchange Commission was mandated by the Court to cover Ripple’s attorneys’ fees during the process of re-deposing experts’ testimony because it filed the Dr. Metz’s supplemental report on the last day of discovery.

“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.

Investors Hope Lawsuit Will End This Year

Meanwhile, investors are still hopeful that the lawsuit will be concluded by the end of this year; however there are suggestions that the case could proceed to 2023.

Regardless of when the case will be concluded, XRP investors are hoping that the lawsuit’s outcome should be in their favor in order to have the cryptocurrency re-listed on U.S.-based exchanges, and also bolster the price of the coin back to its glory days.

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