SEC Agree to Pay Ripple’s Attorney an Undisclosed Amount of Fee During Expert Testimony Deposition

Both parties have finally agreed on a fee award in connection with Dr. Metz’s supplemental report deposition. 

The Securities and Exchange Commission (SEC) and Ripple have agreed on the appropriate fee award that will cover the cost of the defendant’s attorney during the process of deposing the supplemental expert report of Dr. Albert Metz. 

The parties disclosed in a motion filed recently saying: “Pursuant to the Court’s April 19, 2022 order, Defendants Ripple Labs and Plaintiff Securities and Exchange Commission have met, conferred, and agreed upon a fee award.” 

It is noteworthy that the motion did not disclose the amount that the Securities and Exchange Commission will pay to cover the cost of Ripple’s attorney fees. 

With both parties agreeing on a fee award, the SEC noted that it is working with the Defendant’s attorney to facilitate the necessary documentation required to process the payment in due time. 

The parties added that if along the line, the federal payment process tries to confirm the court’s position on the agreed fee amount, both Ripple and the SEC will file a joint request to that effect. 

Attorney James K. Filan tweeted about the development yesterday. 

#XRPCommunity #SECGov v. #Ripple #XRP The parties have agreed upon a fee award in connection with the Metz Supplemental Report and Deposition and the SEC is working with the Ripple Defendants to make the required payment. The amount of the award has not been disclosed. pic.twitter.com/zI3hn3tEXE

— James K. Filan ????100k+ (beware of imposters) (@FilanLaw) May 27, 2022

SEC Ordered to Cover Ripple Attorney Fees 

As reported, the SEC received a knock from the court last month based on the way it conducted itself during the last day of discovery. 

“The SEC has conducted itself improperly by serving an unauthorized supplemental report on the last day of discovery,” Judge Netburn ruled. 

Following its improper conduct, the Securities and Exchange Commission was ordered to cover the expenses of Ripple’s attorney throughout the deposition of Dr. Metz’s supplemental expert testimony. 

The SEC did not object to the ruling and proceeded to enter into a negotiation with Ripple to agree on the appropriate fee to cover Defendant’s attorney’s expenses during the deposition. 

The parties were originally supposed to agree on the matter earlier this month; however, they were granted a two-week extension.