Ripple Labs Inc. and the consortium R3 Holdco LLC resolves disputes in court on a contract concluded between organizations in 2016. This is reported by Reuters.
In accordance with a suit filed with the Delaware Chancery Court this Friday, R3 Holdco LLC accuses Ripple Labs Inc. in the failure to fulfill the terms of the contract for the purchase of the digital currency XRP.
So, in September 2016, the companies concluded a deal, according to which the consortium R3 was entitled at any time until September 2019 to acquire 5 billion XRP tokens at a fixed price of $ 0.0085 per coin. At the same time, according to the CoinMarketCap service, the current weighted average rate of XRP is $ 0.21.
According to the source, in June 2017 CEO Ripple Brad Garlinghouse tried to terminate the contract by sending a corresponding message to the head of R3 David Rutter via e-mail. However, R3 insists that Ripple can not terminate the agreement unilaterally, and asks the court to confirm all of its rights under the contract, including the purchase of XRP tokens at any time during the next two years.
In response, Ripple filed a counterclaim on the failure to comply with the terms of the agreement. According to it, both companies had to create a joint company with the the participating banks of R3 to test the technology developed by Ripple. The company also claims that R3 hid the fact that several members of the consortium, including Goldman Sachs and Banco Santander, planned to leave the group at the time of the agreement.