In the latest twist in the legal showdown between the SEC and Ripple Labs, the SEC has presented a proposal to extend the deadline for the presentation of writings related to solutions in the ongoing lawsuit.
In the latest twist in the legal showdown between the SEC and Ripple Labs, the SEC has presented a proposal to extend the deadline for the presentation of writings related to solutions in the ongoing lawsuit.
The formal request was filed before Judge Analisa Torres in the Southern District of New York, with the goal of rescheduling the SEC’s opening brief for March 22.
Legal maneuvers
This move marks the first time either party has requested an extension to the schedule for briefings related to the solutions, with Ripple expressing its consent to the proposed adjustments to the schedule.
The SEC’s request for a deadline extension is attributed to the need for additional time to review newly produced documents and finalize the briefing related to the solutions.
This comes after a dispute between Ripple and the SEC regarding the scope of discovery was resolved on February 5, leading to a one-week extension of the initial discovery deadline by Magistrate Judge Netburn.
The SEC asserts that there is “good cause” for this brief extension under Federal Rule of Civil Procedure 16(b)(4), citing diligent efforts to complete discovery and information related to the remedies.
The absence of an imminent trial in the case further supports the SEC’s position in favor of an extension of the deadline, with the goal of ensuring thorough preparation and review before filing its opening brief.
The recent victory of the SEC
As Guru-Investingreported, the SEC’s litigation against Ripple recently took a favorable turn, with the court ordering Ripple to disclose specific financial records and contract details.
Despite Ripple’s objections, the court found the requested documents essential to determining an appropriate remedy and evaluating the need for an injunction.
