In the recent developments in the XRP lawsuit, Ripple is protesting the discovery by the SEC of audio recordings of internal meetings of the defendants in which Garlinghouse, Larsen and other key staff discussed issues related to disputes in the case.
Ripple has claimed that the SEC’s boiling demand is completely inconsistent with the Federal Rules. In addition, the defense argued that the plaintiff’s claim was disproportionate given the large amount of material obtained in the discovery.
“The SEC’s request to Ripple to review each record in the BlueJeans and Zoom databases for responsiveness and privilege is clearly disproportionate under Rule 26 (b) (1) and undermines the distinction between” searching “for engaging content and the comprehensive review of every sound recording. “
Ripple argues that the burden of the SEC’s recent discovery needs is to crowd out any potential gains. The SEC discovery request is akin to believing Ripple to review more than 4,000 records in the BlueJeans and Zoom databases, which takes thousands of hours to review the data. Defendants used the plaintiff’s “grave” argument against them, claiming that the courts had denied a coercive motive and tried much less to inspect the records. Additionally, Ripple claims that in terms of absolute volume, the records are “quite inaccessible due to excessive load or cost.”
The defendants also alleged that the SEC’s repeated statements to flag unproduced data as direct evidence “whether Ripple’s XRP offers and sales are investment contracts and therefore securities under Howey” was purely speculative and had no real endorsement. Additionally, Ripple argues that even if there are hypothetical unproduced records in this regard, the SEC’s claim is still unreasonable.
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The defendants backed their line of reasoning on Rule 26. Ripple stated that it conducted an exhaustive search for potentially appealing records while agreeing to additional requests from the SEC for additional records. As a result, Ripple’s investigative efforts are reasonable and very effective in identifying potentially relevant records, so no further investigation is required.
“The SEC’s very disproportionate claim on Ripple is now – more than a month after the fact-finding process – the review of every record ever made in the past eight years is denied.”
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