Lisa R. Zornberg, a prominent U.S. attorney representing Ripple Labs in the legal battle with the Securities and Exchange Commission (SEC), is seeking the court’s approval to withdraw from the case following her appointment as New York Chief Counsel by Mayor Eric Adams.
According to a recent filing, Ripple asked the court to grant Zornberg’s request as she would no longer be associated with the American law firm Debevoise & Plimpton LLP from July 31, 2023.
XRP Attorney Pulls Out of Ripple Lawsuit
Ripple noted that other attorneys, including Andrew J. Ceresney, Erol N. Gulay, and Christopher S. Ford of Debevoise & Plimpton LLP, would continue the legal representation as Zornberg’s exit would neither affect them nor the company’s interests.
“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 said.
It is worth mentioning that Zornberg is not the first attorney to withdraw from the Ripple vs. SEC lawsuit. If the motion is approved, she would be the fourth to pull out of the case as it nears its end. The court recently greenlighted withdrawal motions from attorneys Anna R. Gressel, Clayton J. Masterman, and Kylie Chiseul Kim, as they were no longer associated with the law firm representing Ripple.
Ripple and SEC to Schedule Settlement Conference
The withdrawals come as Magistrate Judge Sarah Netburn ordered Ripple and the SEC to devise three mutually convenient dates to schedule a settlement conference. Judge Analisa Torres referred the lawsuit to Magistrate Judge Netburn on July 17, a few days after passing a landmark verdict on XRP’s status as a security.
The magistrate judge said Ripple and the SEC could proceed with providing the dates if they believed it would be productive in concluding the matter at hand. She asserted that the settlement conference must be fixed at least six to eight weeks in advance, as the court would be unable to accommodate last-minute requests.
Meanwhile, it remains unclear if the SEC will appeal Judge Torres’ XRP ruling, even though the agency has hinted at the possibility in a separate filing against Terraform Labs. Nonetheless, Ripple legal chief Stu Alderoty believes such a move may affirm and amplify the judge’s decision.