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Lisa R. Zornberg, a notable attorney in the U.S. representing Ripple Labs in its legal dispute with the Securities and Exchange Commission (SEC), is requesting the court’s permission to withdraw from the case following her recent appointment as New York Chief Counsel by Mayor Eric Adams.
In a recent filing, Ripple requested that the court approve Zornberg’s withdrawal, as she will no longer be affiliated with the American law firm Debevoise & Plimpton LLP starting July 31, 2023.
XRP Attorney Withdraws from Ripple Lawsuit
Ripple indicated that other attorneys, such as Andrew J. Ceresney, Erol N. Gulay, and Christopher S. Ford from Debevoise & Plimpton LLP, will continue to represent the company, as Zornberg’s departure will not impact them or the interests of the firm.
“Ms. Zornberg’s withdrawal will not adversely affect the interests of Defendant. Ms. Zornberg is not asserting a retaining or charging lien. WHEREFORE, Defendant Ripple Labs Inc. respectfully requests that the Court grant Lisa R. Zornberg leave to withdraw as attorney of record in this action,” Ripple stated.
It is important to note that Zornberg is not the first attorney to exit the Ripple vs. SEC lawsuit. If the motion is granted, she will be the fourth attorney to withdraw as the case approaches its conclusion. The court has recently approved withdrawal motions from attorneys Anna R. Gressel, Clayton J. Masterman, and Kylie Chiseul Kim, who are no longer associated with the law firm representing Ripple.
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Ripple and SEC to Arrange Settlement Conference
The withdrawals occur as Magistrate Judge Sarah Netburn has instructed Ripple and the SEC to propose three mutually agreeable dates for a settlement conference. Judge Analisa Torres referred the lawsuit to Magistrate Judge Netburn on July 17, shortly after issuing a significant ruling regarding XRP’s classification as a security.
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The magistrate judge stated that Ripple and the SEC could proceed with submitting the dates if they believed it would be beneficial in resolving the ongoing matter. She emphasized that the settlement conference should be scheduled at least six to eight weeks in advance, as the court would not be able to accommodate last-minute requests.
Meanwhile, it remains uncertain whether the SEC will appeal Judge Torres’ ruling on XRP, despite the agency suggesting the possibility in a separate filing against Terraform Labs. Nevertheless, Ripple’s legal chief Stu Alderoty believes that such an action could reinforce and enhance the judge’s decision.
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