SEC dismisses lawsuit against Brad Garlinghouse and Chris Larsen; Ripple executives
The civil lawsuit against Ripple executives had been open since December 2020.
Lawyers representing the United States Securities and Exchange Commission (SEC) announced that they will seek to dismiss all allegations against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
In a filing on October 19 in the United States District Court for the Southern District of New York, the SEC notified the court that the parties involved in its case against Ripple "have agreed to the dismissal with prejudice," which suggests that it is not necessary to schedule an upcoming trial. The filing did not indicate that the SEC was withdrawing its civil case against Ripple itself, first filed in 2020.
"The SEC and Ripple intend to meet and confer on a potential filing schedule regarding the outstanding issue in the case, what are the appropriate remedies against Ripple for its violations of Section 5 with respect to its institutional sales of XRP, and respectfully request until November 9, 2023 to propose such a schedule to the court or, if the parties cannot agree, seek a controversial filing schedule from the court," the filing stated.
