The SEC-Ripple case is a very complex case, and Philan implicitly warns that it is unlikely that this year’s summary judgment will be made.
The settlement between Ripple Labs and the Securities and Exchange Commission, like most other cases in the United States, has always been widely anticipated.
The pretrial settlement is the “Dujour” of the SEC proceedings, as 96% of all SEC cases are settled pretrial, 60% of which are pretrial and 90% of which are discovery.
Given that the SEC wants a SEC vs. Ripple jury trial, the settlement is increasingly out of the question, according to a recent submission by the defendants.
The parties were ordered by the court to reach an agreement on summary judgment briefing schedule for this week.
In that context, securities law attorney and XRP community member James K. Polk explanation How does summary judgment timeline work according to the proceedings in New York?
“Judge Torres has certain very complex processes that must be completed before filing summary judgment, so I was going to consider. The point of this thread is that this is what you do. It’s about helping you understand that it’s a longer process than you understand. “
The bureaucratic details shared on Twitter are intended to conclude that the SEC is likely to be delayed as much as possible by not rocking the exchange of pre-motion letter requirements and the factual statement of Rule 56.1. I was there.
In addition, expert discoveries resumed until May 13 due to Mets’ deposit and the submission of Ripple’s supplementary counter-argument report.
Philan added that as part of the summary judgment process, parties may challenge some of the experts of other parties, and Amikas Briefs must still be reviewed.
The lawyer then shared his predictions regarding summary judgment briefing schedules. The schedule will be completed in October or November.
“I don’t want you to be disappointed when the briefing schedule comes out. I don’t think you’ll see a schedule for a briefing from June. A more realistic timeline for summary judgment is July or August. I think you should open the briefs in and then complete all the briefs by October or November. “
James K. Filan further stated that decisions on Hinman documents and emails are likely to be made while summary judgment is pending. This explains why Ripple wanted to move to summary judgment before the issue was decided.
For reference, the lawyer recalled that Judge Torres had summary judgment in a case involving a claim for sexism against Goldman Sachs. In the “Complicated Case,” the briefing was completed in November 2021, but the court ruling was issued only in mid-March this year.
The SEC-Ripple case is a very complex case, and Philan implicitly warns that it is unlikely that this year’s summary judgment will be made.
Applying the same waiting period from the completion of the briefing to the court decision in the Goldman Sachs case to the XRP proceedings, if Phillan’s predictions regarding the conclusion of the briefing from October to November 2022 are correct, the XRP case will be in 2023. It will end from February to March.
