In what’s the newest salvo to be fired within the ongoing case between the USA Securities and Trade Fee and Labs and its execs, the latter events have now responded to the SEC’s 21 April letter. In the identical, the SEC had to bar the defendants from looking for “irrelevant, privileged SEC employees materials,” claiming that the courtroom had already dominated that they weren’t discoverable.
The defendants, in a dated the twenty eighth of April, have argued in any other case, nevertheless.
In response to the identical, the SEC has “improperly reargued” two authorized positions which have already been rejected by the courtroom, specifically, the specific exemption of SEC inside paperwork and the invocation of deliberative course of privilege on a doc by doc foundation.
Citing the courtroom’s 6 April order which the defendants’ movement in “giant half,” the defendants have now argued,
“Its [Court’s] assertion that the SEC had an “obligation” to supply a privilege log weren’t invites for the SEC to inform Defendants that it’ll produce nothing, log nothing, and reargue its opposition to any inside doc discovery in any respect. But, that’s precisely what the SEC has carried out.”
What’s extra, Ripple additionally accused the SEC of submitting a “movement for reconsideration,” regardless of committing twice to offering a written response to ongoing discussions.
The defendants additionally reasserted that the SEC’s arguments in opposition to discovery of its paperwork lack benefit, with Ripple Labs and its execs including that the regulatory company has “additionally ignored this Court docket’s unambiguous directive requiring the SEC to supply a privilege log.”
Lastly, whereas asking the Court docket to order the to complete the meet-and-confer course of, the defendants argued that the company also needs to be ordered to supply responsive paperwork promptly. In response to the defendants,
“Defendants will endure prejudice if the SEC doesn’t produce sufficiently forward of the shut of discovery on July 2, 2021, to allow Defendants to comply with up with third events.”
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