SEC versus Ripple Lawsuit: Judge Torres Issues Verdicts on Parties’ Motions to Seal (Details)

Judge Analisa Torres, the District Judge of the United States District Court, where the Ripple-SEC case is being handled, has issued the court’s verdicts on both parties’ motions to seal vital information about the ongoing case from public view. The parties’ requests have been granted and denied in parts by the District Judge.

Parties’ Requests to Seal Exhibits

Judge Analisa Torres has responded to recent requests tendered to the US. District Court by the United States Securities and Exchange Commission (SEC) and attorneys representing Ripple Labs Inc. in their ongoing case. 

To note, the SEC had earlier filed a request to seal information identifying one of its experts and the substance of his testimony from the public. This confidentiality designation by the SEC was because one of its experts was previously threatened and harassed by members of the public.

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However, Ripple Labs Inc. saw this move as an extreme position taken by the SEC as an abuse of the Protective Order. 

Given the SEC’s attempt to prevent criticisms of its experts from reaching the public, attorneys representing Ripple submitted an opposing request on July 11 seeking an expedited briefing schedule. More so, Ripple filed four of their five Daubert motions and exhibits under seal pending the decision of the court on the SEC’s position.

In the same vein, the SEC wrote a letter to the presiding Judge in response to Ripple’s request for an expedited briefing of sealing motions in connection with the parties’ motions to exclude expert testimony to be filed in the Daubert challenge. 

“Defendants did not meet and confer with the SEC on their proposed schedule, which bears a striking resemblance to what the SEC proposed to Defendants last week,” the SEC wrote. Details of the letter showed that the SEC did not object to Ripple’s proposed briefing schedule but responded to Ripple’s sealing contentions accordingly. 

Related: Ripple’s Attorneys Counter as SEC Requests to Seal Daubert Motions From Public View

Judge Torres Issues Court’s Ruling

Per a statement from the United States District Court, Southern District of New York, the presiding judge, Hon. Analisa Torres has disclosed the court’s ruling on the SEC’s and Ripple’s motion to seal vital information related to their case. 

After due consideration and a fair hearing, the district court particularly concluded that the SEC’s request to seal vital information from the public shall not be granted merely because the information contained is subject to a stipulated protective order. 

More so, the statement added that “bargained for confidentiality does not overcome the presumption of access to judicial documents.”

“The common law right of public access to judicial documents is firmly rooted in our nation’s history.”  Therefore, disclosing information causes the federal court to have a measure of accountability while also allowing the public to have confidence in the administration of justice,” Judge Analisa Torres reiterated. 

Other conclusions by the Court are outlined below;

• The SEC’s request to redact language in the SEC Letter has been granted whereas  Ripple’s request to redact the citation to a certain ‘Exhibit O’ in the SEC Letter has been denied.
• The SEC’s request to redact language in Ripple’s letter, except for the redaction of footnote one, has been granted. The SEC’s request to redact footnote one has been denied.
• The SEC’s request to seal exhibits to the SEC Letter and redact a certain ‘Exhibit B’ to the SEC Letter and ‘Exhibit I’ to the Ripple’s letter has been granted.
• The SEC’s request to seal Exhibits labeled C, H, L, M, N, and Q to the SEC letter has been denied. Also, Ripple’s request to seal a certain ‘Exhibit O’ to the SEC letter has been denied.
  

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