Thread by @FilanLaw

#XRPCommunity #SECGov. v. #Ripple #XRP 1/ A SUMMARY JUDGMENT TIMELINE. I’m seeing a lot of discussion of timing projections for the filing of summary judgment motions and a decision on the motions. I thought I would weigh in because Judge Torres has a particular and very

2/ complicated process that must be completed before the motions for summary judgment can even be filed. The point of this thread is to help you understand that this is a longer process than you may realize.

3/ First, any party that wants to move for summary judgment has to provide the other parties an electronic copy, in Microsoft Word format, of its Statement of Material Facts pursuant to Local Rule 56.1. A Local Rule 56.1 Statement is a “short and concise statement,

4/ in numbered paragraphs, of the material facts as to which the moving party contends there is no genuine issue to be tried” (a material fact is one that must be resolved to make a decision on the motions).

5/ The party moving for summary judgment must at the same time provide the other parties any admissible evidence cited in its Rule 56.1 statement that has not previously been produced during discovery (they only have to produce evidence that is admissible so that would not

6/ include documents the Court previously said the parties did not have to give to the other side; for example, Brad and Chris’s personal financial information or the Estabrook notes. Then, the party opposing the motion for summary judgment has to reproduce each entry

7/ in the moving party’s Rule 56.1 Statement and then write its response directly beneath it. After that, the party moving for summary judgment has to e-mail (and file on the docket for us to see) a pre-motion letter to Judge Torres explaining to her the basis for its

8/ anticipated motion for summary judgment and attaching the opposing party’s response to the Rule 56.1 Statement (which will show whether and which material facts the parties agree on). Then the party opposing summary judgment has to email to Judge Torres and file

9/ on the docket a letter explaining why it is opposing the motion. After that, Judge Torres will review everything and inform the parties whether a motion for summary judgment is warranted and, if so, set a briefing schedule for the filing of the motions.

10/ Only then can the motions be filed. Now, the parties are submitting a proposed schedule this Friday and it’s technically possible that the parties will agree to waive the requirements of pre-motion letters and the exchange of Rule 56.1 Statements of Facts.

11/ I have to think that Ripple, Brad and Chris would want to waive these requirements and will be pushing very hard for a faster schedule. But with the SEC delaying this case at every turn, you really must wonder if the SEC would ever agree to the waiver and make this

12/ battle less cumbersome or faster for anyone, even for Judge Torres. Even if the parties agree to waive the requirements, Judge Torres has to agree to that waiver. On top of all this, remember that expert discovery has been re-opened until May 13 for the Metz deposition

13/ and the filing of the Ripple defendants’ supplemental rebuttal report. Also, I expect that the parties will challenge some of the other parties’ experts, although I expect that to be a part of the summary judgment process.

14/ The amicus briefs also have to be reviewed. The point is that all of this adds to the time it will take for Judge Torres to make a decision because those challenges have to be decided. All of this is very complicated and will be slower than we want.

15/ I don’t want you to be disappointed when the briefing schedule comes out. I don’t think we will see a schedule that contemplates briefing beginning in June. I think that a more realistic timeline for summary judgment motions would be opening briefs in either July or August

16/ and then all briefing completed by either October or November. The issue of the Hinman documents and emails is still being decided but I think the decision on that would be made while the summary judgment motions are pending, which is why

17/ I believe the Ripple defendants have said they are prepared to go forward on summary judgment before that issue is decided. And for reference, Judge Torres recently issued a summary judgment ruling in a complicated case involving gender discrimination claims against

18/ Goldman Sachs. The briefing in that case was completed last November and the decision was issued in mid-March of this year.

The point is this is a complicated case and it will continue to take time - more time than we want. End.