Northern

Security

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<ul>
 <li>The U.S. District Court for the Northern District of California dismissed major claims in a class action lawsuit against Ripple.</li>
 <li>Despite the victory, the court did not address whether XRP is a security. This critical question will be decided by a jury applying the Howey Test.</li>
 <li>Contrasting decisions by Judge Hamilton and Judge Analisa Torres highlight the complexity of the XRP case.</li>
</ul>
<p>The U.S. District Court for the Northern District of California dismissed several major claims in a <a href="https://cryptonewsland.com/ripple-challenges-secs-new-expert-materials-in-ongoing-legal-battle/" rel="noopener noreferrer nofollow">class action lawsuit </a><a href="https://cryptonewsland.com/ripple-challenges-secs-new-expert-materials-in-ongoing-legal-battle/" target="_blank" rel="noopener noreferrer nofollow">against</a><a href="https://cryptonewsland.com/ripple-challenges-secs-new-expert-materials-in-ongoing-legal-battle/" rel="noopener noreferrer nofollow"> Ripple</a>, providing a procedural victory for the company. Judge Phyllis Hamilton granted Ripple’s motion for summary judgment on federal class claims for unregistered and state law securities claims, eliminating most class action allegations against Ripple.&nbsp;</p>
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   <p lang="en" dir="ltr">Win for <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Ripple</a> in the Oakland class action. Judge grants Ripple's summary judgment motion on federal class claims for unregistered securities as well as the state law securities claims. But these were procedural wins. 1/4 <a href="https://twitter.com/hashtag/xrpholders?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#xrpholders</a> <a href="https://twitter.com/hashtag/xrp?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#xrp</a></p>— Fred Rispoli (@freddyriz) <a href="https://twitter.com/freddyriz/status/1803873196749525064?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 20, 2024</a>
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<p>Ripple’s Chief Legal Officer, Stuart Alderoty, expressed satisfaction with the dismissal. However, the court did not address whether XRP is a security. This issue remains unresolved and will be decided by a jury.&nbsp;</p>
<p>The jury will apply <a href="https://www.findlaw.com/consumer/securities-law/what-is-the-howey-test.html" rel="noopener noreferrer nofollow">the </a><a href="https://www.findlaw.com/consumer/securities-law/what-is-the-howey-test.html" target="_blank" rel="noopener noreferrer nofollow">Howey</a><a href="https://www.findlaw.com/consumer/securities-law/what-is-the-howey-test.html" rel="noopener noreferrer nofollow"> Test</a> to determine whether XRP meets the criteria for classification as a security. In a separate civil securities lawsuit against Ripple CEO Brad Garlinghouse, a California judge ruled that Garlinghouse will go to trial over allegations of making misleading statements in 2017 about XRP sales.&nbsp;</p>
<p>The contrasting decisions by Judge Hamilton and Judge Analisa Torres in the Southern District of New York highlight the complexity of the XRP case. Judge Torres ruled that <a href="https://news.bloomberglaw.com/crypto/ripple-token-is-a-security-in-institutional-sales-judge-rules" rel="noopener noreferrer nofollow">XRP </a><a href="https://news.bloomberglaw.com/crypto/ripple-token-is-a-security-in-institutional-sales-judge-rules" target="_blank" rel="noopener noreferrer nofollow">was</a><a href="https://news.bloomberglaw.com/crypto/ripple-token-is-a-security-in-institutional-sales-judge-rules" rel="noopener noreferrer nofollow"> not a security</a> when sold to retail investors, as it did not satisfy all elements of the Howey Test.&nbsp;</p>
<p>Legal experts speculate on the potential for settlement in the California case due to low damages and the risk of a negative jury verdict for Ripple. Both parties have upcoming deadlines to reconsider their motions to seal parts of their briefs, with a final decision from the court expected soon.&nbsp;</p>
<p>Meanwhile, <a href="https://cryptonewsland.com/xrp-poised-for-resurgence-sustaining-above-0-46-key-to-near-term-gains/" target="_blank" rel="noopener noreferrer nofollow">XRP’s </a><a href="https://cryptonewsland.com/xrp-poised-for-resurgence-sustaining-above-0-46-key-to-near-term-gains/" target="_blank" rel="noopener noreferrer nofollow">price</a> hovers near the local support level of $0.4922, with the market closely watching for any impact from the pending security decision. Ripple may have won a battle, but the war over XRP’s status continues, and its outcome could significantly affect the cryptocurrency’s price.</p>
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<p>The post <a href="https://cryptonewsland.com/ripple-scores-in-oakland-class-action-amid-xrp-security-uncertainty-xrp-ath-soon/" rel="noopener noreferrer nofollow">Ripple Scores in Oakland Class Action Amid XRP Security Uncertainty, XRP ATH Soon?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ripple Scores in Oakland Class Action Amid XRP Security Uncertainty, XRP ATH Soon?

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