Mars Finance News, on May 16, a U.S. district court judge Analisa Torres rejected the settlement motion previously jointly submitted by the SEC and Ripple. The motion sought to lift the injunction in the August 2024 ruling and approve the release of $50 million from the $125 million civil penalty escrow fund to the SEC, with the remaining funds to be returned to Ripple. It is reported that the judge determined the application did not follow the procedural requirements of Rule 60 of the Federal Civil Procedure Rules. Ripple's Chief Legal Officer stated they would resubmit a settlement application that complies with the rules. Legal experts analyze that both parties need to detail the settlement reasons according to Rule 60 standards, including the basis for the SEC's decision to waive other charges, with the complete process expected to take 3-5 weeks. The judge emphasized that this rejection only addresses procedural defects and does not involve substantive review of the settlement content.
US court rejects SEC and Ripple's joint settlement motion due to procedural defects
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