Ripple and R3 Find Compromise on Contract for 5 Billion Ripple Coins
Startup Ripple Labs Inc. announced that they were able to reach an agreement with R3 HoldCo LLC in all unresolved court proceedings. At the same time, both sides stated that they were not going to make public the details of their agreement.
It should be reminded that the companies in September last year started a trial under a contract worth $ 1 billion, concluded two years ago. According to the document, the company R3 entered into an agreement to purchase 5 billion tokens at a price of $ 0.0085 per coin until September 2019, but in June last year, the head of Ripple, Brad Garlinghouse, broke the contract, informing David Rutter of R3 via e-mail.
In October of this year, a court from Delaware did not support Riple’s lawsuit against R3. An appeal to this San Francisco court ruling was also rejected. After that, Ripple decided to continue the trial with R3.
By that time, three class action claims had already been filed against the Ripple startup.