Jeremy Hogan of the Orlando (USA) law firm Hogan & Hogan gave an assessment of the pre-trial conference of the Ripple case, which will take place on February 22, and the upcoming process in a new YouTube video.
As the lawyer pointed out, the interview is a standard first hearing in federal court.
It is a telephone hearing attended by only one lawyer from both sides. The purpose of the hearing is to agree on the timeline of the case. Ripple and SEC are required to submit a proposed “Case Management Order” by February 15th. Therefore, as Hogan put it, “we will not see the time frame for about ten more days”.
As Hogan points out in the video, he can estimate how long each deadline will take based on his professional experience. The first important date is the “discovery deadline”. This deadline is set to take the case forward and ensure that both parties have gathered the necessary documents / information to prepare them in time for the final proceedings. During this period, both parties can ask questions and request documents from the other party.
Hogan said, “SEC, ICO, sales materials etc. He will search for a document in Ripple regarding the issue ”. This stage could be completed in 8 to 9 months around September, according to Hogan. After that, the lawyers of both parties will consider what their chances of success are:
“Lawyers look at the evidence and draw legal conclusions about how high their probability of winning are, and based on that conclusion they approach a solution proposal. By then you will be making decisions based on estimates, and it’s a billion dollar issue ”
But the first consensus scenario may happen before that. According to this, the new SEC chief could seek a quick solution in the first few months of Gary Gensler, “because it was to some extent a war initiated by the previous administration and the new chief of the SEC may decide that is not true.”
Besides, another scenario can happen after the exploration phase, when both parties realize their strength. As Hogan explained, there will also be mediation with a third-party lawyer who is working with the parties at the time to try to reach a settlement agreement. This is when an agreement is most likely to be reached:
“Mediation often works, so Federal Courts REQUIRE it for every case. The Ripple case will have a full-day mediation where the parties will try to find a solution and the case will likely be resolved. ”
“When the Case Management Order comes out and there is a planned mediation, you might want to get a few more XRPs the day before the mediation,” Hogan jokingly added to his statement. used the expressions.
If mediation also fails to reach a compromise, the process may extend until October 2021, the deadline for a “positive motion”. As Hogan pointed out, the case could later be decided by a “summary decision” that could be in late 2021.
The last possible scenario, according to Hogan, is that the case continues with a summary trial and the losing party applies for the second round. Later, the case could extend until early 2023, as the average time from the notice of the appropriate court to the disposal is 10.6 months.