Breaking: Judge Rejects Ripple Settlement Motion

Earlier this Thursday, Judge Analisa Torres of the U.S. District Court for the Southern District of New York rejected a joint motion filed by San Francisco-based blockchain firm Ripple and the SEC that was asking for an indicative ruling on their proposed settlement.

As reported by U.Today, the parties asked for the indicative ruling earlier this month in order to find out whether Judge Torres would approve the settlement if the U.S. Court of Appeals for the Second Circuit were to remand the case back to the district court

The SEC has agreed to ask Judge Torres to lift the injunction that was imposed by her as part of the final judgment last August. Under the settlement agreement, Ripple's penalty would also be reduced to $50 million

Judge Torres has stated that changing the final judgment would be procedurally improper

Moreover, changing the final ruling would be possible only under exceptional circumstances such as newly discovered evidence or fraud.

The judge believes that there is no valid legal basis for vacating the August 2024 final judgment.