Ripple released an official statement yesterday confirming that they have come to an end agreement with the distributed database technology company, R3.
In the statement, they noted that the two companies are aiming to put past disputes behind them. They also added that the details of the two businesses will remain confidential.
The legal battle between Ripple and R3 began last year, on September 8, 2017, after R3 filed a complaint on Ripple in the Delaware Chancery Court.
In the lawsuit, it states that the partnership with the two companies started in 2016 and gave R3 the legal right to buy 5 billion tokens of XRP with each token prices at $0.0085 until September 2019. As of 9:15AM PST, the current price of XRP is $0.259.
Also in the lawsuit were allegations that Brad Garlinghouse, the CEO of Ripple, sent an email to David Rutter (chief executive at R3) in an attempt to break the contract.
In Ripple’s counter case at the Supreme Court in California, the firm claimed that the two had agreed on a deal for a joint commercial venture, alleging R3 had not stuck to its end of the bargain.
Ripple also alleged that R3 had concealed the fact that some of its associated members, including Goldman Sachs and Banco Santander, were looking to leave the group despite promises they would work to promote the use case for XRP within their respective companies.