In the latest XRP lawsuit update, the SEC has filed a Motion to Compel data discovery. The letter motion pleas to the court to compel Ripple to produce video and audio recordings of Ripple staff meetings. The SEC asserted that Ripple’s vast accumulation of potential evidence was kept from the plaintiff, despite the SEC’s request for relevant recordings in one of its first letters to Ripple in January 2021.
Ripple never informed the plaintiff that the defendants routinely recorded staff meetings.
According to the SEC, Ripple never informed the plaintiff that the defendants routinely recorded staff meetings. Nevertheless, the SEC recently learned about it from a “key former Ripple employee” in a deposition taken earlier this month. Ripple’s former Chief Compliance Officer, Antoinette O’Gorman revealed for the first time in the lawsuit in her deposition of 4th August about Ripple’s routinely recorded staff meetings. Upon the discovery of this new information, the SEC requested a confirmation of the same from Ripple.
Ripple agreed to produce the audio-visual data but with a condition.
The plaintiff had requested the production of responsive recordings, which it had mentioned when discovery just began, back in January. Ripple acknowledged that it had hidden the routine recordings’ information from the plaintiff. Upon SEC’s informal request, Ripple agreed to produce the audio-visual data. However, the discovery came with terms and conditions. Ripple stated that it would willingly produce the recordings mentioned in Exhibit A if the SEC forfeits its right to seek data discovery in the foreseeable future. The SEC, however, has denied Ripple’s conditions to compliance before SEC’s data discovery request. This, in turn, has led to SEC’s latest letter motion to compel discovery.