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Ripple Aims to Protect its Sensitive Business Information in Current Lawsuit Against the SEC

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In connection with the move for summary judgment filed by the parties on September 13, October 18, and November 30, the leading blockchain company, Ripple has filed an omnibus motion to seal specific documents.

The Silicon Valley blockchain firm stated in the omnibus motion filed yesterday that it does not want the summary judgement briefs redacted. However, the defendants only wanted specific parts of the Rule 56.1 declarations redacted. The Defendants also ask for selective redactions to be made to a small number of the parties’ summary judgment exhibits.

In order to safeguard certain sensitive business information and the privacy interests of the third parties mentioned in the summary judgment briefs, Ripple argued its limited and specifically tailored sealing requests are reasonable.

According to Ripple, the SEC earlier noted that it had no objections to the defendants’ request to seal or deploy narrowly tailored redactions in order to safeguard the privacy interests of third parties and the company’s confidential business information.

“Copies of these documents with proposed redactions highlighted have been submitted under seal along with this Letter-Motion. To aid the Court in its consideration of Defendants’ proposed redactions, Defendants have appended a detailed log identifying the basis for sealing or redacting each document,” Ripple added. 

Read more: Here Are Five Key Dates to Note as SEC vs. Ripple Nears its Conclusion

Summary Judgment Materials Are Voluminous, Ripple Noted

The top blockchain firm pointed out the extensiveness of the materials provided in connection with the summary judgment motions. Ripple cited the Securities and Exchange Commission’s attachment of over 770 exhibits to its move for summary judgment as an example of how extensive the documents are. Ripple claims that the SEC failed to cite many of the submitted exhibits. More than 2,000 factual statements were also submitted by the SEC as part of local Rule 56.1 statements.

“Altogether, the Summary Judgment Materials consist of over 1,100 documents, or nearly 40,000 pages,” Ripple said in the letter. 

According to Ripple, the audited financial statements, confidential settlement agreements, and bank account statements are some of the SEC’s exhibits. Ripple also noted that the court’s decision on the motion for summary judgement won’t be affected by the modest redaction it requests, and none of the redaction is pertinent to the legal disagreement between the parties.

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