Ripple provided CCN with a copy of their complaint, which alleges that R3 fraudulently and/or negligently misrepresented material facts to induce Ripple to enter the agreement. These alleged misrepresentations included the strength of R3’s consortium roster, Ripple’s access to that roster, and R3’s intention to form a commercial partnership designed to promote XRP.
The filing maintains that R3 misrepresented the membership of its consortium during the negotiation phase. Shortly after the agreement was struck, several major financial institutions–including Goldman Sachs and JP Morgan–exited the consortium. The complaint argues that R3 must have been aware of the departures yet hid this during the agreement negotiations.
Despite offering assurances that R3 desired to commercialized the partnership, the filing also claims that R3 reneged on its partnership obligations by declining to promote Ripple and even publicly-disparaging XRP in front of its consortium members. Meanwhile, R3 devoted its entire attention to its own fundraising and claimed to be completely unaware of the state of XRP long after the partnership had begun.
Based on these alleged causes of actions the suit asks the court to compel R3 to pay punitive damages to Ripple and cover the firm’s court costs.