The Securities and Exchange Commission denied the Securities and Exchange Commission’s request to reject Dr. Albert Metz’s rebuttal report. The discovery period has been extended to May 13, 2022. This allows Ripple and Individual Defendants to re-depose the Dr. Metz expert report.
The Securities and Exchange Commission has been ordered to pay Ripple’s expenditures in filing a motion to re-depose Dr. Metz’s expert report as a result of the court’s disagreement of the SEC’s decision.
The SEC Ordered To Pay For Improper Conduct
Judge Sarah Netburn refused Defendant’s move to dismiss the SEC’s supplemental expert rebuttal report from Dr. Albert Metz earlier today, dealing a minor setback to the Ripple community.
Following this development, Ripple and the Individual Defendants were allowed to re-depose Dr. Metz’ expert report until May 13, 2022.
Surprisingly, the Securities and Exchange Commission did not completely prevail in a recent case, as the court criticized the securities agency’s decision to recently file expert testimony.
The Securities and Exchange Commission has been ordered to pay Ripple’s expenditures in filing a motion to re-depose Dr. Metz’s expert report as a result of the court’s disagreement of the SEC’s decision.
According to Judge Netburn, “the SEC is obligated to reimburse Defendants’ reasonable expenditures in filing their move to strike and re-deposing Dr. Metz.”
Prior to the ruling, both the plaintiff and defendant agreed to pay any fees incurred as a result of the submission of their respective expert reports.
However, as a result of the SEC’s action, Ripple must now reimburse the agency for the expenditures expended in re-depositing Dr. Metz’s report. On the last day of discovery, the SEC served the corporation with a supplemental expert report from Dr. Metz.
The deadline for submitting expert testimony was initially set for August 2021. However, due to many disagreements, the deadline was pushed back to January 14, 2022, and then again until February 28, 2022.
In its expert report, Ripple argued that it was inadmissible because it did not add any new information. In relation to the supplemental expert report, the parties filed various motions, with the court finally putting an end to the matter.
The research seeks to ascertain whether Ripple’s announcement during the sale of the XRP cryptocurrency, which is classified as a security by the SEC, had any economic impact on the token’s price.
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