Ripple Loses Bid to Keep Its Cryptocurrency Fight in California

Blockchain developer Ripple Labs Inc. lost its shot at a home-court advantage in a dispute with rival R3 Holdco over ownership of cryptocurrency XRP that was once worth more than $16 billion.

A New York court will probably be the sole decider after a San Francisco state appeals court denied Ripple’s bid to fast-track an appeal of an order quashing a lawsuit against R3. San Francisco-based Ripple has argued that it would face “irreparable injury” if it has to battle on R3’s home turf in Manhattan.

Litigation between the two developers arose after a partnership broke down, with Ripple claiming that R3 entered the arrangement on false pretenses, and R3 claiming that Ripple illegally declined to honor an agreement to hand over 5 billion of its cryptocurrency XRP. Ripple filed suit in California and R3 sued in Delaware and New York. The Delaware suit was thrown out in October.

Cryptocurrency Surge Sent Lawsuit Stake Soaring to $16 Billion

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