SEC legal papers reveal R3-Ripple settlement was more than $240 million - 0 views
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John Kiff on 25 Dec 20In September 2016 Ripple and R3 entered into an agreement whereby R3 would promote Ripple to its consortium of banks. Compensation came in the form of an option that gave R3 the right to buy 5 billion XRPs at $0.0085 until September 2019. In June 2017, Ripple informed R3 it was terminating the agreement, allegedly on the basis that R3 had not upheld its side of the bargain. In September 2017, R3 sued Ripple to get the options contract re-instated, when the value of the option would have been about $1 billion. According to legal papers filed by the U.S. Securities and Exchange Commission in its lawsuit against Ripple, a confidential settlement was reached in September 2018 that granted Ripple an option to buy 1.04 billion XRP that it exercised in September 2019. Assuming that the excercise price remained at $0.0085, that would have been worth between $240 and $480 million.