coinquora.com
- Judge has ordered Ripple to hand over 1 million Slack messages to SEC
- The judge considered the notes critical and unique evidence for the SEC’s ongoing case.
U.S. Magistrate Judge Sarah Netburn has ordered Ripple to hand over 1 million Slack messages between employees, which the Securities and Exchange Commission (SEC) wanted to access.
According to reports, Ripple has to give 1 million Slack messages to the SEC. This is due to an apparent data error. Although it will cost up to $1 million, the judge considered the notes critical. And also unique evidence for the SEC’s ongoing case.
The judgment comes after the SEC filed suit against the firm for selling unregistered securities.
Note that on August 9, the SEC claimed that the messages between Ripple employees were relevant to the parties’ claims and defenses. And also, equivalent to the needs of the case. Based on Law360 reports, Ripple should give all messages from 22 email custodians.
More so, the move comes after the SEC told Netburn that the Slack messages are missing. The SEC said,
These messages include: (a) discussions about Ripple’s desire to create speculative trading in XRP, (b) the effect of Ripple announcements and efforts on, and Ripple’s concerns as to, the price of XRP, the relationship and central importance of XRP sales to Ripple’s overall business, and (d) the regulatory status of XRP.
Moreover, Ripple thinks it is unfair to produce the messages at up to $1M over many months. Following this, Judge Netburn said,
Any burden to Ripple is outweighed by its previous agreement to produce the relevant Slack messages, the relative resources of the parties, and the amount in controversy.