R3 are suing rival Ripple alleging that Ripple's CEO tried to terminate 5bn XRP options granted to R3 at a 0.85cent strike price after XRP surged to more than 22 cents valuing the options at more than $1bn.
The lawsuit, which was filed on Friday in a Delaware court, alleged that Ripple’s chief executive had tried to terminate the options granted to R3 last year after they surged in value due to a rise in Ripple’s XRP cryptocurrency. R3 said in the complaint that it had been granted an option to purchase 5bn XRP at an exercise price of 0.85 cents in September 2016. At the time, XRP was worth less than the option price. But since then, as the price of many cryptocurrencies have shot up, XRP has surged to 22.3 cents, valuing the options above $1bn.