This session will focus on the class action’s request to approve the form and terms of the class notice.
Obtaining class status
Over the past year, a significant development occurred when XRP investors were granted class status in the securities lawsuit stipulated by Zakinov against Ripple Labs.
Judge Phyllis J. Hamilton confirmed that the group met the necessary requirements for certification, paving the way for a class-action lawsuit alleging that Ripple sold XRP as an unregistered security. It is worth noting that Ripple won a partial victory against the US Securities and Exchange Commission last year, with the court recognizing that secondary sales of XRP were not considered investment contracts.
Ripple’s counterarguments, which highlighted concerns about the adequacy of class representation and individual defenses, were rejected.
The case, led by lead plaintiff Bradley Sostack, brought three separate lawsuits under its umbrella, including Zakinov, Oconer and Greenwald.
The trial has already taken place postponed seven times, and it is expected to take place later this year.
As reported by U.Today, Kraken, a major cryptocurrency exchange, recently took a bold step by filing a motion to intervene in the ongoing legal dispute between Ripple and its plaintiffs.
The move follows an order requiring U.S. exchanges to disclose private client trading data, bringing the issue of client privacy to the forefront.