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Magistrate Sarah Netburn has issued a scheduling order concerning Ripple’s motion to dismiss one of SEC’s expert materials in support of its remedies motion.
The ongoing legal tussle between the SEC and Ripple has continued to receive new updates that could potentially impact its outcome.
In the latest development, U.S. District Judge Sarah Netburn issued a new scheduling order focused on Ripple’s motion to exclude new expert materials the SEC submitted in support of its remedies-related brief.
Ripple’s Remedies Opposition Brief and Motion to Strike
For the uninitiated, Ripple recently filed its opposition to the SEC’s opening remedies brief, seeking to pay only $10 million in damages while also asking the judge to reject other requests proposed by the commission.
In addition to its opposition brief, Ripple submitted a motion to strike expert materials, which the commission submitted to further support its entry for final judgment and motion for remedies.
According to this motion, Ripple argued that the SEC failed to provide the expert materials from Andrea Fox, one of the commission’s top accountants, during the discovery phase of the remedies litigation.
Instead, the SEC submitted the expert materials at the same time it filed its opening remedies brief. Consequently, Ripple contended that the SEC’s action restricted its capacity to address the details of the expert report effectively.
Expectedly, the SEC opposed Ripple’s motion to strike the expert materials, with the parties proposing a new scheduling order to resolve the issue.
Judge Netburn Enters New Scheduling Order
In the latest update, Magistrate Netburn entered a scheduling order regarding Ripple’s motion to strike.
According to the order shared by James K. Filan, the SEC has until April 29 to respond to Ripple’s motion. Afterward, Ripple would file its reply three business days after that, or May 2, 2024.
#XRPCommunity #SECGov v. #Ripple #XRP Magistrate Judge Netburn has entered a scheduling order regarding @Ripple’s Motion to Strike new expert materials the SEC submitted in support of its Motion for Remedies and Entry of Final Judgment. It is below. pic.twitter.com/BglOzE5pl4
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) April 25, 2024
It bears mentioning that Ripple’s reply would be submitted four days before the SEC files its reply to the company’s remedies-related opposition brief. The court’s decision regarding whether to strike Fox’s declaration could play a major role in determining the final outcome of the remedies stage.
The expert report revolves around Ripple’s audited accounts and penalties for XRP’s institutional sales. Excluding it might negatively impact the SEC’s chances of getting the court to impose a fine of nearly $2 billion against Ripple.
Netburn Nominated as District Judge in SDNY
Meanwhile, the crypto community received interesting news earlier this week regarding Netburn’s nomination as a federal judge in the U.S. District Court for the Southern District of New York (SDNY).
SDNY is the same court Netburn has served as a magistrate in multiple cases, including the Ripple lawsuit. Interestingly, President Joe Biden nominated her, alongside six other individuals, to take up judicial positions in federal district courts.
Netburn’s nomination elicited reactions among crypto enthusiasts, with Coinbase’s chief legal officer Paul Grewal praising her for putting up a masterclass for the industry.
Congratulations to SDNY U.S. Magistrate Judge Sarah Netburn on her nomination to serve as a U.S. District Judge on that same court. She has put on a master class for crypto and others on why talented judges matter so much to the administration of justice.
— paulgrewal.eth (@iampaulgrewal) April 24, 2024
Netburn’s role in the SEC v. Ripple lawsuit cannot be overemphasized. XRP community members know her for criticizing the SEC for lacking faithful allegiance to the law. She also ordered the regulatory commission to surrender the drafts of William Hinman’s infamous 2018 crypto speech to Ripple.
With her nomination, Netburn could oversee prominent cases, including those related to the crypto sector.