Northern

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
In a significant development, the U.S. District Court in California has granted XRP investors the right to proceed with their lawsuit against Ripple, alleging the sale of unregistered securities. The court's decision, made on June 30, has allowed an investor class to proceed with their claims against the company, CEO Brad Garlinghouse, and subsidiary XRP II, reports <a href="https://news.bloomberglaw.com/securities-law/ripple-labs-crypto-investors-get-class-status-in-securities-suit">Bloomberg Law</a>.
<a href="https://u.today/xrp-holders-alert-new-ripple-class-action-hearing-scheduled">card</a>
The case, known as Zakinov v. Ripple Labs, revolves around allegations that Ripple conducted a scheme to raise hundreds of millions of dollars by selling <a href="https://u.today/lead-ripple-dev-explains-xrp-burn-spike-as-247000-tokens-gone">XRP</a> to retail investors. Judge Hamilton of the US District Court for the Northern District of California certified the investor class, finding that they met the necessary requirements for certification.
<a href="https://u.today/2-billion-ripple-partner-nium-to-go-public-in-us">Ripple</a> had challenged the certification, arguing that the plaintiffs failed to adequately protect the interests of the class. However, the court determined that the merits of whether XRP is a security will be consistent for all class members. Any disagreements among potential class members over the premise of the lawsuit can be addressed through the standard opt-out procedure.
<a href="https://u.today/lead-ripple-dev-explains-xrp-burn-spike-as-247000-tokens-gone">card</a>
Legal experts have started to weigh in on the implications of this decision. Jeremy Hogan, an attorney and digital assets enthusiast, pointed out that class certification does not directly impact the ongoing <a href="https://u.today/sec-v-coinbase-2300-crypto-holders-sign-up-as-amici-curiae">SEC</a> case against Ripple. However, he expressed curiosity about how the SEC case might influence the class action.
Furthermore, attorney Bill Morgan raised the prospect of disparate findings regarding whether Ripple sold or offered securities. Morgan noted the complex nature of the issue and the potential influence of previous judgments.

XRP Holders Win Right to Sue Ripple, Legal Experts Unveil Implications

U_Today

2023년 7월 5일에 게재된 다른 기사

Choise.com Partners With the Reigning ELF Champions Vienna Vikings, Brings Sports Sponsorships Ba...

MMIT’s Revolution in the Crypto World

Poly Network hacker issues over 2 trillion tokens

The noiseGPT DAO is here - and it will be giving away another 500 USD

Crypto Market Revives as Major Asset Managers Apply for Spot Bitcoin ETFs

Crypto Market Outlook: Here’s When Traders Can Expect Altcoin Season

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!