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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/pro-xrp-lawyer-believes-there-is-a-bad-news-for-ripple/">Pro-XRP Lawyer Believes There is a ‘Bad News for Ripple’</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Attorney Fred Rispoli has responded to a recent news report regarding the certification of an investor class in a cryptocurrency securities lawsuit against Ripple Labs Inc. The lawsuit revolves around virtual token losses suffered by investors. </p> 
<p>Despite the company’s opposition to the certification, the class fulfilled the necessary requirements, as stated by Judge Phyllis J. Hamilton of the US District Court for the Northern District of California on June 30.&nbsp;</p> 
<p>This development raises questions about Ripple Labs’ legal strategy and the potential implications of a ruling in this case, especially if it contradicts the regulatory stance in New York. CEO Brad Garlinghouse contested the certification. </p> 
<p>However, their challenge was ultimately unsuccessful. The court’s decision to grant certification presents a significant hurdle for Ripple Labs, as it now faces a collective legal action from a certified class of investors.</p> 
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   <p lang="en" dir="ltr">…next step is summary judgment, so it is "behind" the pace of the SEC case. On a more important level, I need to do more research on what happens if XRP ruled not a security in New York but is a security in this Oakland case. <a href="https://twitter.com/Marc_Fagel?ref_src=twsrc%5Etfw">@Marc_Fagel</a> What happens here? Any res judicata? 2/2</p>— Fred Rispoli (@freddyriz) <a href="https://twitter.com/freddyriz/status/1676275960973504512?ref_src=twsrc%5Etfw">July 4, 2023</a>
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<p>The attorney said that he has not had access to the specific court order. However, Rispoli suggests that the certification of a class action is generally unfavorable for a company. He acknowledges that Ripple Labs has been engaging in a legal battle with the Securities and Exchange Commission (SEC), and he implies that the same legal strategy might apply to this case. Rispoli notes that the next step in the lawsuit would be a summary judgment, which indicates that the case may progress at a slower pace compared to the ongoing SEC case.</p> 
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 <p>“The next step is summary judgment, so it is “behind” the pace of the SEC case. On a more important level, I need to do more research on what happens if XRP ruled not a security in New York but is a security in this Oakland case.”</p> 
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<p>He questions the scenario where XRP is ruled not to be a security in New York but is considered a security in the ongoing Oakland case. Rispoli seeks to understand the consequences and the impact this may have on Ripple Labs’ legal position and the overall regulatory turmoil surrounding XRP.</p>

Pro-XRP Lawyer Believes There is a ‘Bad News for Ripple’

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