Del. Court Tosses Ripple, R3 Crypto-Cash Contract Clash
By Jeff Montgomery (October 13, 2017, 5:14 PM EDT) -- Citing lack of jurisdiction under any theory, a Delaware court on Friday dismissed a potential $1.3 billion contract breach claim filed by enterprise software firm R3 HoldCo LLC against blockchain developer Ripple Labs and its XRP cryptocurrency subsidiary.
Vice Chancellor Joseph R. Slights III stopped the case after finding that R3 failed to make convincing arguments to keep its complaint in Delaware. The ruling, he said, applied both specifically to XRP — the sole signer of a option giving R3 rights to buy its cryptocurrency at a far below-market rate — and generally to claims that XRP was acting as an alter-ego...
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