- Ripple XRP News: Lawyer James Murphy claims Judge Torres to deny the SEC’s argument that institutional investors suffered pecuniary harm and disgorgement will be questioned.
- The SEC’s reasons for arguing injunctions and disgorgement are weak, according to Murphy.
- Pro-XRP lawyer James Murphy states that the SEC’s reply brief does not add anything meaningful to the argument that institutional investors suffered pecuniary harm.
Explore the latest developments in the ongoing Ripple XRP lawsuit, as lawyer James Murphy predicts Judge Torres will deny the SEC’s argument of pecuniary harm to institutional investors.
SEC’s Argument on Disgorgement Is Weak
James Murphy, a pro-XRP lawyer, recently stated that the U.S. Securities and Exchange Commission’s (SEC) reasons for arguing injunctions and disgorgement are weak. According to Murphy, the SEC’s reply brief does not add anything meaningful to the argument that institutional investors suffered pecuniary harm. The SEC is seeking $876 million in disgorgement from Ripple Labs, claiming that some institutional investors have suffered harm. However, Ripple has countered this argument by citing the Govil case precedent, which maintains that the SEC is not entitled to disgorgement if there is no financial harm to the buyer.
Judge Torres Likely to Deny SEC’s Argument
James Murphy predicts that Judge Torres will likely deny the SEC’s motion in part for $2 billion in fines. He reasons that it is incorrect to cite a decision with a “not for publication” designation as precedent, as these are considered the weakest precedents for any case. However, Murphy does not rule out the possibility of Judge Torres going with the iFresh reasoning. It is also possible that the Judge would schedule a hearing to resolve unanswered questions about the positions of the parties.
Conclusion
In conclusion, the ongoing Ripple XRP lawsuit continues to unfold with lawyer James Murphy predicting that Judge Torres will deny the SEC’s argument of pecuniary harm to institutional investors. This development could potentially impact the SEC’s claim for $876 million in disgorgement from Ripple Labs. However, the final decision rests with Judge Torres, who may choose to follow the iFresh reasoning or schedule a hearing to resolve any unanswered questions.
