Ripple GC Leaves, Big Case Settles
General counsel come and go, but sometimes it's awkward.
It was about that time for Brynly Llyr, general counsel for a leading cryptocurrency company. Ripple said her departure was a mutual decision.
But industry observers said it was "an awkward time" because the company is embroiled in major class-action cases. It also may have something to do with a settlement in another case against Ripple.
R3 v. Ripple
R3, a blockchain enterprise, sued Ripple over a partnership agreement. The company alleged Ripple violated an agreement that R3 had the right to purchase up to 5 billion XRP tokens at a set price.
Ripple's tokens are trading at about $0.26, which is a nearly 3,000 percent increase over the contract price. In the volatile cryptomarket, XRP tokens peaked in January at $3.84.
On Monday, the companies announced they had settled "all outstanding litigation" in a confidential agreement. It resolved a year of litigation over tokens once worth $19 billion.
Ripple still faces several class-action lawsuits from investors who allege Ripple has been dealing in unregistered securities. The R3 case was unrelated.
The business day before the settlement, Ripple told CoinDesk that its general counsel had left. Llyr joined the company in 2016, and continued as the top legal officer for two and a half years.
"We're grateful to all that she did to help build an incredible team that will continue the work they've been focused on for the past year and beyond," a spokesperson said.
Llyr previously advised fintech companies and led litigation teams. She also worked on commercial transactions and intellectual property matters with PayPal and eBay.
Judge Clears Way for Investor Claims Against Volkswagen (FindLaw's In House)
What to Learn From the Purdue Pharma Opioid Cases (FindLaw's In House)
Musk Smokes Weed on Podcast, Revisits Tesla Policy on Drugs (FindLaw's In House)