SEC submits notes to Judge Netburn for on-camera review
In recent updates shared by defense attorney James K. Filan With the XRP community, the SEC filed its opposition to Ripple CEO Brad Garlinghouse’s motion to compel its transfer of notes taken by Matthew Estabrook, attorney for then-SEC Commissioner Elad Roisman. However, the SEC submitted the notes to Judge Netburn for on-camera review.
The said notes, taken during a 2018 meeting between Elad Roisman and Brad Garlinghouse, came into the limelight in January 2022, when Estabrook cleaned out his desk as he prepared to leave his position at the SEC.
Prior to this, Ripple had filed a motion to compel the SEC to hand over Estabrook’s ratings, when the agency claimed deliberative process privilege (DPP). Ripple, however, argued that the ratings were not privileged and should be disclosed.
The company further stated that contemporaneous meeting recordings provided to the SEC demonstrate that the Ripple boss had departed the meeting, initiating the belief that the SEC had recognized the legal “purgatory” posed by regulatory ambiguity.
Ripple had won an earlier victory when the two legal memos from 2012 containing the description of advice received by Ripple were made public.
U.Today also reported another positive win for Ripple in the ongoing lawsuit as, in a one-word order, District Judge Torres denied the SEC’s motion to file a sur-sur-reply in support of its motion to strike Ripple’s fair notice defense.
The SEC had referenced a similar case involving blockchain company LBRY Inc., in its request to file an over-response to Ripple’s over-response. However, Ripple’s attorneys have argued that the United States Securities and Exchange Commission (SEC) should not be allowed to bolster its case against the company’s essential fair-opinion defense by filling the void with cases. “off circuit”. Ripple also mentioned that the SEC didn’t even ask to strike the defense in the LBRY case, saying such an omission was “remarkable.”
