Lеgal

Ripple Lawsuit Against GCC Exchange Reach Confidential Settlement in Legal Dispute

GCC Exchange UK Ltd, a leading global Money Transfer Service provider, has successfully resolved a legal dispute with Ripple, which has been announced again in a tweet by WrathofKahneman.

Confidential Settlement

The lawsuit filed in the High Court of Justice of England and Wales by Ripple alleged GCC Exchange in unpaid invoices related to over 40,000 XRP transactions has concluded with a confidential settlement agreement and no admission of liability.

The September lawsuit demanded the settlement of outstanding invoices and the accrual of late fees totaling $14.9 million.

In an exclusive interview with Yash, the GCC Exchange UK Ltd Director has revealed insights into the settlement.

When questioned about the recent dispute with Ripple, Yash confirmed the resolution, stating that both parties have entered into a confidential settlement agreement without admitting liability. Yash marks this as a positive step forward for GCC Exchange UK Ltd, allowing it to focus on its strategic vision and growth initiatives.

GCC Exchange UK Ltd, traditionally strong in India, Bangladesh, and Pakistan, expands into African countries like Kenya and Ghana. Director Yash focuses on strategic branch network expansion and emphasizes customer service improvement through staff training.

Pending SEC vs. Ripple Lawsuit

The SEC has filed a motion to compel Ripple to disclose its financial statements and institutional sales contracts for the fiscal year 2022-2023 after the previous ruling by Judge Analisa Torres, which found Ripple in no violation of rules for unregistered transactions.

Despite objections from Ripple, the SEC is pushing to compel the production of specific documents. Both parties have a one-month window to present their case, sparking speculation about a potential settlement amid the ongoing legal battle.

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