Blockchain technology company Ripple Labs and New York-based technology consortium R3 have reached a settlement on all outstanding litigations between the two, involving R3 HoldCo LLC, R3 LLC, and XRP II, LLC.
Though the terms of the agreement will remain confidential, the settlement primarily includes the indifference over the option granted to R3 to buy up to 5 billion of Ripple (XRP) tokens at a price of $0.0085 before the end of 2019, in part or in whole.
Ripple, the San Francisco-based blockchain developer behind cryptocurrency XRP, is engaged in a legal dispute with R3 over ownership of 5 billion XRP that was once worth more than $16 billion.
The litigation began in September last year after the partnership between both developers ended. Ripple accused R3 of failing to meet partnership commitments, while R3 claimed Ripple failed to honor an agreement to hand over 5 billion of XRP for less than a penny each.
When the companies sued each other in September 2017, the stake in dispute was worth around $1.1 billion, but surge in the value of cryptocurrencies four months later had taken its price to around $16.6 billion. XRP, which was $0.22 in September, and climbed to $3.84 in January 2018.
New York-based R3 sued in Delaware and New York to force Ripple to honor the promise, while Ripple countersued in California claiming that it canceled the option agreement because R3 abused the partnership. After the Delaware turned down the case, the dispute was prevailing only in R3's home base in Manhattan.
XRP is currently trading at $0.264, down 3.10 percent over a 24-hour trading, according to Coinmarketcap.
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