XRP Lawsuit: In the latest development in the U.S. Securities and Exchange Commission (SEC) vs Ripple lawsuit, popular attorney for Ripple Labs and CEO Brad Garlinghouse has requested the court to withdraw from the lawsuit. After Judge Analisa Torres’ landmark ruling in the case, Magistrate Judge Sarah Netburn asks Ripple and US SEC for a settlement on other parts of the lawsuit.
XRP Lawyer Withdraws From Ripple Lawsuit
Ripple has filed a motion for Lisa R. Zornberg to withdraw as attorney for the defendants, according to a filing in the District Court For the Southern District of New York on July 27.
Ripple has requested the court to grant Lisa R. Zornberg of Debevoise & Plimpton LLP to withdraw as attorney of record in the US SEC lawsuit. The move comes as Lisa R. Zornberg will not be associated with the law firm effective as of July 31.
Other attorneys of Debevoise & Plimpton LLP will continue to represent Ripple Labs in the lawsuit. Moreover, Ripple asserts that Gressel’s withdrawal will not adversely impact the interests of the defendants including CEO Brad Garlinghouse and co-founder Chris Larsen.
Top former federal prosecutor Lisa R. Zornberg was appointed as City Hall Chief Counsel by New York City Mayor Eric Adams this week.
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Ripple Attorneys Withdraw As the Lawsuit Is Almost Over
Judge Analisa Torres referred the US SEC v. Ripple lawsuit to Magistrate Judge Sarah Netburn. Magistrate Judge Netburn ordered Ripple and US SEC to agree on three mutually convenient dates to schedule a settlement conference if they believe a settlement on issues such as institutional sales of XRP.
Recently, the court approved withdrawal motions for three attorneys Anna R. Gressel, Clayton J. Masterman, and Kylie Chiseul Kim to exit from the lawsuit.
XRP price jumped on the summary judgment and future plans revealed by Ripple. XRP holder and lawyer John E. Deaton said even if SEC Chair Gary Gensler looking for an appeal, XRP will remain a non-security for at least 2 years as it will be difficult for SEC.
XRP price currently trades at $0.70, down 0.60% in the past 24 hours and 10% in a week due to profit booking by whales and traders.
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