The court has set a schedule regarding the remedies briefing and discovery in the legal tussle between Ripple Labs and the SEC.
US District Judge Analisa Torres has finally released the schedule for the remedies phase of the SEC v. Ripple lawsuit. The development was shared yesterday by James K. Filan, a seasoned lawyer who has closely followed the Ripple case.
#XRPCommunity #SECGov v. #Ripple #XRP Judge Torres has set the schedule regarding remedies discovery and briefing. pic.twitter.com/Vvc8wPVWlT
— James K. Filan ???? (@FilanLaw) November 13, 2023
Remedies Brief and Discovery Schedule
According to a court order dated November 13, the remedies briefing will officially commence by February 12, 2024. On this date, both the SEC and Ripple will officially complete all remedies-related discovery.
After the party completes the discovery, the Securities and Exchange Commission will file its remedies brief by March 13, 2024. Additionally, the defendants, Ripple Labs, shall submit its opposition to the SEC’s motion on April 12, 2024. Furthermore, the SEC shall file its reply to the opposition by April 29, 2024.
Parties Propose Schedule for Remedies Stage
The development comes after the court reviewed the parties’ proposed remedies briefing and discovery schedule. Recall that the court asked the parties to submit a joint proposal for the remedies brief no later than November 9.
As reported earlier, the SEC and Ripple submitted the proposal on November 9, asking the court to give them 90 days to conduct all remedies-related discovery.
In addition, the parties agreed that the SEC will file its remedies brief no later than 30 days after the discovery period, while Ripple will submit its opposition 30 days thereafter. Evidently, the court granted the parties’ proposed schedule, as seen in the latest order.
SEC v. Ripple Remedies
It is worth noting that the remedies phase is the only pending issue in the SEC v. Ripple case. This part of the case will determine the appropriate remedies Ripple may face for its Section 5 violations regarding its institutional sale of XRP.
In July 2023, the court ruled that the company’s institutional sales of XRP worth $770 million constitute an investment contract. To this end, Ripple could be required to pay a fine of up to $770 million.
While the SEC hopes to receive the entire $770 million penalty, Ripple would attempt to reduce the fine by excluding its legitimate business expenses.
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