Summary Judgement is Here for the Ripple Case

ORDER: granting in part and denying in part 621 Motion for Summary Judgment. For the foregoing reasons, the SEC’s motion for summary judgment is GRANTED as to the Institutional Sales, and otherwise DENIED. Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales.The Court shall issue a separate order setting a trial date and related pre-trial deadlines in due course. The Clerk of Court is directed to terminate the motions at ECF Nos. 621, 625, 639, 642, 807, 824, and 836. SO ORDERED.. (Signed by Judge Analisa Torres on 7/13/2023) (ama) (Entered: 07/13/2023)

Highlights

• The SEC alleges that Ripple Labs, Inc.
• engaged in the unlawful offer and sale of securities in violation of Section 5 of the Securities Act of 1933.
• The SEC also alleges that Bradley Garlinghouse and Christian A. Larsen aided and abetted Ripple’s Section 5 violations.
• The parties’ cross-motions for summary judgment are granted in part and part of the order.
• In 2012, Larsen founded Ripple, and Britto, McCaleb and McCaleb founded Ripple.
• The facts in this section are taken from the Rule of 56.1 statements, and other documents discussed in this order were filed under seal or redacted.

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