Ripple released an official statement on 10th September confirming that they have come to an end agreement with the distributed database technology company, R3.
In the statement they noted that the two companies are aiming to put past disputes behind them. They also added that the details between the two businesses will remain confidential.
The legal battle between Ripple and R3 began last year, on 8th September 2017 after R3 slashed a complaint on Ripple in the Delaware Chancery Court.
In the lawsuit, it states that the partnership with the two companies started in 2016 and give R3 the legal right to buy 5 billion tokens of XRP with each token prices at $0.0085 until September 2019.
Also in the lawsuit was allegations that Brad Garlinghouse, the CEO of Ripple, sent an email to David Rutter (chief executive at R3) in an attempt to break the contract.
Part of the complaint stated:
“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.”