MoneyGram International Inc., a cross-border payments firm, has requested the U.S. District Court for the Southern District of New York on Wednesday to seal certain portions of summary judgment materials in Ripple Labs’ ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC).
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Fast facts
- MoneyGram said by sealing some of its documentation for the summary judgment – a type of judgment typically delivered on the basis of statements and evidence without a full trial – it hopes to protect business information and employee identities.
- In September, the SEC and Ripple sought a summary judgment in the ongoing case.
- In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging the sale of XRP constituted an offering of unregistered securities worth over US$1.38 billion.
- In February 2021, MoneyGram suspended trading on Ripple’s platform citing litigation uncertainty, halting a consequential relationship of about a couple billion dollars of on-demand liquidity transactions.
- Last month, a federal judge granted a joint motion to extend the deadline to Jan. 13 for all parties to submit their Daubert Motions, which would exclude certain expert testimonies, and other related documentation.
See related article: What is XRP and what is Ripple?