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.