XRP Lawsuit: James Filan Compares Ripple Case With Goldman Sachs Case’s Timeline

April 21, 2022 2:20 pm Comments

A settlement between Ripple and the SEC is the most likely expected outcome as of right now.

This is because historical records show that around 96% of SEC case are actually settled before trial with 60% of them happening before litigation and 90% in discovery.

With these probabilities in mind, both the SEC and the defendant have so far been ordered to reach an agreement on the summary judgement that is coming up soon.

Investors are interested in what the timeline of a summary judgement will be and James Filan is explaining how this works according to typical legal proceedings.

FinanceFeeds reports:

“I thought I would weigh in because Judge Torres has a particular and very complicated process that must be completed before the motions for summary judgment can even be filed. The point of this thread is to help you understand that this is a longer process than you may realize”.

The bureaucratic details shared on Twitter were meant to conclude that the SEC is highly likely to delay as much as possible by not wavering the requirements of pre-motion letters and the exchange of Rule 56.1 Statements of Facts.

In addition, expert discovery has been re-opened until May 13 for the Metz deposition and the filing of the Ripple defendants’ supplemental rebuttal report.

Filan added that the parties might challenge some of the other parties’ experts, although as part of the summary judgment process, and the amicus briefs still have to be reviewed.

The attorney then shared his prediction as to a summary judgment briefing schedule, which completion would be either in October or November.

James Filan has made a point that he didn’t want to raise anyone’s expectations or cause any disappointment when the briefing schedule comes out.

He compares this briefing schedule timeline to be similar to the timeline that was given out in the Goldman Sachs case.

Goldman Sachs recently had a briefing schedule revealed in regards to a case where there were gender discrimination claims against Goldman Sachs.

In that case, it took 5 months to end since the initial briefing and James Filan is predicting that the Ripple case will most likely be the same and take the same amount of time.

As a result, this brings it to October or November for when the briefing is finally completed.

FinanceFeeds concludes:

As for reference, the attorney reminded that Magistrate Judge Torres has recently issued a summary judgment ruling in a case involving gender discrimination claims against Goldman Sachs.

The “complicated case” saw the briefing being completed in November 2021, but the court ruling was only issued in mid-March of this year.

With the SEC v. Ripple lawsuit being a quite complicated case, Filan has implicitly warned that the case is unlikely to see a summary judgment ruling this year.

Applying the same waiting period between briefing completion and a court ruling in the Goldman Sachs case to the XRP lawsuit, if attorney Filan prediction of briefing conclusion by October-November 2022 is right, then the XRP case would be over by February-March 2023.

The SEC is expected to get additional scrutiny by regulators as the case gets closer and closer to the 2 year mark later this year.

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