Key takeaways
- Ripple received a notice of default for failing to meet a court filing deadline.
- Legal expert criticizes Ripple for procedural errors despite high legal fees.
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Ripple Labs is facing a procedural setback in its legal battle with the SEC after failing to meet a crucial filing deadline.
Earlier today, the United States Court of Appeals for the Second Circuit issued a notice of default to Ripple’s legal team, citing the missed deadline to submit an acknowledgment and receipt form. notice of appearance, which was due October 18, 2024.
The court granted Ripple a 14-day extension, giving the team until November 1, 2024 to submit the required documents.
If Ripple’s lawyers fail to meet this new deadline, they risk being barred from presenting their arguments at the next appeal hearing without special permission from the court.
This filing delay presents a significant risk to Ripple’s defense strategy in its appeal against the SEC.
Legal experts, like attorney Fred Rispoli, have commented on the subject, acknowledging that while the missed deposit may seem minor, it is still an avoidable mistake, especially considering the high legal fees Ripple pays.
“This time, Ripple did not file a form on time. That’s not a big deal, but it’s also not the kind of thing you want to see when paying $8,000 an hour for legal services,” Rispoli remarked.
The stakes remain high for Ripple as it navigates this high-profile legal battle. Any further procedural missteps could weaken their defense, particularly during this critical phase of the appeal.
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