MoneyGram Required The Court To Seal Parts Of Its Filings In The XRP Lawsuit

Key Points:

• MoneyGram has asked the US District Court for the Southern District of New York to seal certain of the summary judgment documents in the continuing legal dispute between Ripple Labs and the US Securities and Exchange Commission.
• MoneyGram stated that it hopes to preserve company information and employee names by sealing part of its papers for the summary judgment.

Cross-border payments company MoneyGram asked the U.S. District Court for the Southern District of New York on Wednesday to seal some of the summary judgment documents in the ongoing dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).

MoneyGram stated that it hopes to secure company information and employee names by sealing portions of its documentation for the summary judgment, a sort of judgment normally delivered on the basis of statements and evidence without a full trial.

MoneyGram stopped trading on Ripple’s platform in February 2021 due to litigation uncertainty, putting an end to a related arrangement that involved on-demand liquidity transactions worth a few billion dollars.

The SEC and Ripple asked for a summary judgment in the continuing litigation in September. On December 5, Alderoty continued to blast the SEC, referring to it as a bouncing regulator and repeating two comments that he believes contradict each other.

Previously, the SEC said on December 22, 2020, that it had filed a lawsuit against Ripple Labs Inc. and two of its executives, both of whom are also substantial security holders, charging that they raised over $1.3 billion through an unregistered, continuing digital asset securities offering.

The time for the parties to submit their Daubert Motions, which would exclude specific expert testimonies and other associated evidence, was extended to January 13 by a federal judge last month after being granted a joint petition.

Jeremy Hogan, a partner at the American legal firm Hogan & Hogan said he owns XRP because Ripple can’t be sued again.

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