It has been 7 months since September of 2017 Startup R3 Holdco LLC imposed a complaint against Ripple Labs Inc. in New York, where it accuses him of violating one of the agreements that these companies had previously, Ripple Labs responded with another complaint alleging that R3 had also breached its agreements.
The agreement that according to R3 has been breached by Ripple Labs Inc., says that R3 can buy 5000 million Ripple (XRP) at a price of 0.0085 dollars per unit (currently as of 03/18/2018 the price is $ 0.69).
The deadline for this agreement is until the end of 2019, where Startup should be able to acquire all or part of the amount of XRP mentioned.
According to R3’s complaint, everything started when the CEO of Ripple Labs Inc. – Brad Garlinghouse, sent an email to the CEO of R3 Holdco LLC – David E. Rutter, trying to cancel unilaterally the agreement that both companies had.
For its part Ripple accuses R3 saying that according to its agreement Startup would help Ripple to expand, through access to the consortium of banks that it had, but R3 failed to meet this part of the agreement.
He is also accused of “cheating” Ripple using the names of companies like Goldman Sachs or JP Morgan, companies that they say knew they were abandoning the R3 consortium and hid Ripple’s information.
Miguel Vias (Market Director of Ripple) said:
“As a collaborator, R3 failed to fulfill its part of the contract and, for this reason, we believe that the courts will agree with us and decide that they are not entitled to the XRP that they request”
Ripple filed a counterclaim in California, claiming that taking the New York case would cause “irreparable injury”, Ripple’s petition has been dismissed by a San Francisco court, so the justice will run its course until a New Court York decides the final verdict.
What is R3?
R3 a business software company born in New York in 2015, which currently works with more than 100 banks.
As they say on their website, R3 was born out of a common frustration among banks and other financial institutions with multiple generations of legacy financial technology platforms that have difficulties interoperating, causing inefficiencies, risks and spiraling costs.
Corda, the main project of R3, is a distributed accounting platform designed specifically for financial services, banks and financial institutions. It is an Open Source Blockchain project that allows the construction of interoperable blockchain networks that perform transactions in strict privacy.
Among the network of R3 Corda partners we can see companies like Adaptive, ChainNova, EverLedger, Hewlett Packard Enterprise, Intel, Microsoft, LG Cns, Oracle, among others.
