This session will address the class action suit’s motion to approve the form and manner of class notice.
Obtaining class status
In the previous year, a significant development unfolded as XRP investors were granted class status in the securities lawsuit stipulated by Zakinov v. Ripple Labs.
Judge Phyllis J. Hamilton confirmed the class met the necessary requirements for certification, setting the stage for a class action that alleges Ripple sold XRP as an unregistered security. It is worth noting that Ripple scored a partial victory against the U.S. Securities and Exchange Commission last year, with the court recognizing that secondary XRP sales did not qualify as investment contracts.
Ripple’s counterarguments, which have stressed concerns over the adequacy of class representation and individual claim defenses, were overruled.
The case, which is spearheaded by lead plaintiff Bradley Sostack, has consolidated three separate lawsuits under its umbrella, including Zakinov, Oconer, and Greenwald.
The trial has already been postponed seven times, and it is expected to take place later this year.
As reported by U.Today, Kraken, a significant cryptocurrency exchange, recently took a bold step by filing a motion to intervene in the ongoing legal dispute between Ripple and its plaintiffs.
This move follows an order mandating U.S. exchanges to release private customer trading data, bringing the issue of client privacy to the forefront.