TechFlow news, June 27 — According to Reuters, on June 26, U.S. District Judge Analisa Torres of the Southern District of New York rejected a joint settlement motion filed by Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The motion sought court approval to reduce Ripple's penalty for unregistered securities sales from $125 million to $50 million and to vacate a previously issued permanent injunction.
The judge criticized both parties for attempting to use the settlement to circumvent her prior permanent injunction against Ripple for violating securities laws. Torres stated that the parties had "far failed" to demonstrate extraordinary circumstances sufficient to outweigh the public interest and judicial administration to justify the proposed settlement.
