XRP lawsuit hit with “worst case scenario”: Why bring a case and then postpone the justice? – Atty Hogan
“Everything about the Ripple case is strangely backwards”
As the community following the SEC v. Ripple expresses disbelief in the summary judgment briefing schedule agreed between both parties today, attorney Jeremy Hogan concluded it to the exact worst case scenario that Attorney Filan posted the other day.
“The Ripple case is going into 2023”, attorney Hogan stated on Twitter, adding that he’s never seen a Plaintiff want to delay a case this much. “Only Defendants (normally) delay. Why bring a case and then postpone the justice you seek?”
“In contrast, look at the SEC v. LBRY case schedule. The lawsuit was filed 3 months after the Ripple lawsuit and will finish 6 months sooner”, he continued, to conclude that “everything about the Ripple case is strangely backwards”.
Will Judge Torres intervene?
Attorney Jeremy Hogan, Partner at Orlando-based Hogan & Hogan law firm, added that Magistrate Analisa Torres has the power to make things go faster even though the schedule was agreed between all parties.
“To be fair to Judge Torres, this was a stipulated schedule. She was never given the option to tighten it up. Although in theory she could say “No, we’re moving this case faster.” But I’m not holding my breath for that to happen”.
All final briefs are due December 20, 2022, which comes as a hard blow to the many parties interested in a quick resolution to the SEC v. Ripple.
Stuart Alderoty, Ripple’s General Counsel, took to Twitter to express his gratitude for the public attention and patience as well as sorrow for the hurt that the XRP lawsuit has caused to “US citizens who were essentially the victims of a rug pull by the SEC”.
John Deaton, attorney for the XRP Holders in the case, commented Ripple’s Alderoty statement. “It’s not difficult to read between the lines here. We know from the SEC’s recent letter, Ripple was asking for mid-May for initial briefs. Most likely, the SEC informed Ripple if they didn’t agree to August, the SEC would ask the judge for December and Ripple went with certainty.”
“Absent a settlement, end of March 2023 for a decision is now best case”, John Deaton stated, adding that a “settlement prior to a ruling comes down to the emails and comments with edits and the 68 drafts of the Hinman Speech and whether the SEC will be forced to turn them over”.
Finance Feeds has spoken with Natalia Zakharova from retail and institutional broker FXOpen, who said a settlement could trigger a 150% rally in XRP.