New Class Action Lawsuit Against Ripple:
Several crypto news outlets are buzzing with reports of Ripple facing a fresh class action lawsuit concerning its XRP sales. The lawsuit, which has garnered attention across various platforms, alleges violations of federal and California securities laws in relation to the offering and sale of XRP.
Fox Business journalist Eleanor Terrett shed light on the lawsuit, emphasizing its significance within the legal landscape surrounding Ripple and its digital asset, XRP. The lawsuit, referenced by Terrett, pertains to a case with the identifier No. 18-cv-06753-PJH, known as Ripple vs. Zakinov, initiated in May 2018. While the recently surfaced document has sparked discussions, it is essential to contextualize its relevance within the ongoing legal proceedings.
Status of the Lawsuit and Recent Developments:
The class-action lawsuit, led by Vladi Zakinov, has seen significant advancements over the past months. Notably, the class, represented by Zakinov, was granted official class status over nine months ago. This milestone cleared the path for legal proceedings alleging that Ripple unlawfully marketed XRP as an unregistered security. Recently, in January of this year, a crucial hearing concerning the motion to approve the form and manner of class notice took place. This procedural step is pivotal in ensuring that all potentially affected individuals are duly informed about the lawsuit, their rights, and any necessary actions they may need to undertake.
Ripple Class Action: What’s New?
Introducing a new dimension to the ongoing legal drama, the law firm Susman Godfrey LLP, acting on behalf of Zakinov and the class, has unveiled the pivotal document and launched a dedicated website, www.RippleClassAction.com.
The primary objective behind this initiative is to expand the scope of the class action lawsuit by reaching out to potential members who transacted in XRP between July 3, 2017, and June 30, 2023, and either retained their XRP or sold it at a loss. Through the website, individuals can access detailed information about the lawsuit, including the allegations against Ripple, the delineation of the affected classes, and the rights and choices available to those impacted.
The document unequivocally states the existence of a lawsuit filed in the United States District Court for the Northern District of California against Ripple Labs, Inc.; Ripple’s subsidiary XRP II, LLC; and Bradley Garlinghouse. The lawsuit asserts that the defendants violated federal and state securities laws by offering and selling the digital asset XRP without proper registration.
Moreover, the document delves into the intricacies of a class action lawsuit, elucidates the specific charges leveled against Ripple, and outlines the defendants’ position, providing a comprehensive overview for affected individuals. It underscores that the court has yet to deliver a verdict on the allegations, highlighting the pending trial as the forthcoming significant phase where these matters will be thoroughly addressed.
Significantly, the trial is currently slated to commence in October 2024.
As of the time of publication, XRP was trading at $0.55301.
