Earlier this Thursday, U.S. District Court Judge Annalisa Torres for the Southern District of New York rejected a joint motion filed by the San Francisco-based blockchain company Ripple and the SEC, which had sought a clear ruling on the proposed settlement.
As reported by U.Today, the parties sought directive ruling earlier this month to find out whether Judge Torres would approve the settlement if the U.S. Court of Appeals in the Second Circuit would remand the case to district court.
The SEC agreed to ask Judge Torres to lift the injunction imposed by her as part of the final sentence last August. Under the settlement agreement, Ripple’s penalty will also be reduced to $50 million.
Judge Torres said it would be procedurally inappropriate to change the final judgment.
Furthermore, altering the final judgment is only possible under exceptional circumstances such as newly discovered evidence or fraud.
The judge believes there is no valid legal basis for resolving the August 2024 final judgment.
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