“Beginning in 2016, R3 touted itself to Ripple as a leading consortium of banks with whom Ripple should Ripple should partner. R3 represented to Ripple, among other things, that R3 would work to get Ripple access to R3’s large body of banks, would help promote Ripple’s technology and XRP to those banks, and would be a foundational component of Ripple’s success. With respect to these efforts, R3’s CEO assured to Ripple that ‘the endgame IS commercialisation of a product’.”The complaint went on to say that almost straight away after they came together in a partnership, R3 vanished as a partner.
“In June of 2017, after having burned almost a year waiting for R3 to live up to its promises, Ripple terminated the agreements. R3 failed to cure its material breaches within ten days and instead threatened Ripple with litigation. Ripple brings this lawsuit to address the harm caused to it by R3’s fraud, breaches and misconduct.”