Yesterday, on September 10, Ripple officially announced that they have reached a settlement of all outstanding legal disputes with R3. The information was passed by Ripple Labs Inc. and XRP II LLC to Business Wire in a form of an official statement.
The official announcement stated that the two companies “are looking forward to putting the disputes behind them”. According to Ripple’s official representative the actual terms of the agreement between the two companies have been decided to remain confidential.
R3 is a distributed database technology company which currently heads a consortium of over 200 firms. The legal battle between R3 and Ripple began back in September 2017 when R3 started the case against Ripple in the Delaware Chancery Court.
The earlier reported complaint by R3 stated: “beginning in 2016, R3 touted itself to Ripple as a leading consortium of banks with whom Ripple should Ripple should partner. R3 represented to Ripple, among other things, that R3 would work to get Ripple access to R3’s large body of banks, would help promote Ripple’s technology and XRP to those banks, and would be a foundational component of Ripple’s success. With respect to these efforts, R3’s CEO assured to Ripple that “the endgame IS commercialization of a product”.
However, as reported, right after the companies came together in a partnership, R3 disappeared as a partner. “In June of 2017, after having burned almost a year waiting for R3 to live up to its promises, Ripple terminated the agreements. R3 failed to cure its material breaches within 10 days and instead threatened Ripple with litigation. Ripple brings this lawsuit to address the harm caused to it by R3’s fraud, breaches, and misconduct”, concluded the official complaint.
Since then, the long-lasting legal battle between the two major companies continued till now, September 2018, when it finally reached its end.