Ripple Lawsuit: MoneyGram Files Motion To Seal ‘Detrimental’ Information

Lavina Daryanani

The SEC’s lawsuit against Ripple has entered its third year of legal proceedings. Along with the involved parties, the crypto community is eagerly waiting for a conclusion. Both the SEC and Ripple have already made their final submissions asking the court to rule in their favor.

Now, FinServ company MoneyGram has filed a motion requesting certain parts to be sealed in the parties’ summary judgment materials. The company has made the request to protect its “highly confidential business information” and the “identity of its employees.”

The said concealment is limited to a “few lines” from a deposition transcript of an officer of MoneyGram. Additionally, MoneyGram has requested to mask dollar amounts, percentages, and corresponding numbers from a work order containing “nonpublic information” related to the company’s “sensitive” financial information, business strategies, and operations.

Furthermore, MoneyGram contended that public disclosure of the same would be “highly detrimental.” According to the organization, it would reveal “detailed information” about its “internal and confidential” matters to its competitors and the general public.

Revisiting MoneyGram and Ripple’s Past

In Q1 2022, Ripple ended its tie-up with MoneyGram International. Even though they did not disclose any reason, Ripple executive Brad Garlinghouse said via a Twitter post that the companies were “committed to revisiting the partnership in future.”

Ripple bought a $30 million stake in MoneyGram in 2019. The partnership was set for two years at first. Essentially, the deal allowed MoneyGram to use Ripple’s product for cross border payments and foreign exchange settlements. At the time of the deal termination, Garlinghouse revealed that billions of dollars were settled by the FinServ company via Ripple’s ODL services using XRP.

The said move reportedly slashed off a “key income stream” for MoneyGram and left its CFO with an “earnings hole.” As a result, the XRP Army feels that MoneyGram will “seriously regret” terminating its tie-up.

MoneyGram, nevertheless, is indirectly allied with Ripple. In December last year, it got into a partnership with Frente Corretora, one of Ripple’s current partners, to introduce a new remittance service in Brazil with no costs for consumers.

Meanwhile, as far as the latest move is concerned, community members opined that MoneyGram was just “saving face” by submitting its latest motion.

Also Read: Ripple partner & MoneyGram launch new Remittance Platform