In a recent interview with The Worlds Times, Yash Rajesh, director of GCC Exchange, a global remittance service provider, revealed that his company reached a confidential settlement agreement with Ripple in the lawsuit, "without admitting any liability or fault." This means that neither Ripple nor GCC admitted wrongdoing.
It is reported that GCC Exchange is the operator of the GCC Remit money transfer application. (Zycrypto)
According to news in September 2023, Ripple's Singapore subsidiary Ripple Labs Singapore Pte Ltd filed a lawsuit against the British currency exchange and remittance company GCC Exchange, claiming that GCC Exchange failed to fulfill its payment obligations for previous XRP liquidity transfers, and the transfer amount involved was close to 13.8 million euros (approximately $14.9 million). Ripple demanded that the defendants pay the invoice amount and late fees. The lawsuit was filed in July 2023, with Ripple taking the case to the High Court of England and Wales.