The statement is short and to the point.
“R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them.”
Here is some background, courtesy of CCN: The settlement is “the culmination of approximately one year of litigation between the two firms, a dispute which began after the two once-allied companies had a falling out over the terms of a partnership agreement.”
The agreement involved Ripple’s cryptocurrency token, XRP, and gave blockchain company R3 the right to purchase up to five billion tokens at $0.0085 per unit through the end of 2019. But when XRP tokens jumped in value (now around $0.26, according to CoinMarketCap), R3 asserted its right to buy the tokens at the original price, or $42.5 million, according to CCN. When Ripple refused, R3 went to court. Ripple countersued.
Now, with the issue seemingly resolved, Ripple can focus on several class-action lawsuits from investors alleging Ripple’s distribution of the token constituted an unregistered securities offering. Read more here.