XRP Holders vs Ripple: Legal Battle Looms? Attorney Warns
According to recent news, In the long-running legal battle of XRP Holders vs Ripple with the United States SEC, XRP holders and Ripple labs are keenly waiting for a critical summary judgment.
However, some XRP holders hitting the court and claiming that the XRP is a security. The judgment in the Zakinov lawsuit may affect the US SEC vs. Ripple case.
Key Takeaways:
- XRP holders sue Ripple in Zakinov v. Ripple Labs case, claiming XRP is a security.
- The latest hearing in Zakinov v. Ripple Labs case happened on April 26, with 500 attendees for oral arguments on certifying XRP holder class.
- Bradley Sostak requests to lead a class lawsuit for all XRP holders who sold or owned at a loss.
- Nick Spear, Zakinov’s lawyer, says 75K XRP holders are fake and unconnected, judge doubts global class lawsuit.
- Attorney John Deaton is not confident in the judge denying class certification in SEC v. Ripple case but says it’s not a big issue and the case will come across on appeal.
IN took to Twitter and made an announcement that XRP holders hit the court to sue Ripple in Zakinov v. Ripple labs case, claiming that XRP is a security.
On 26 April 2023, the latest hearing in the Zakinov versus Ripple Labs takes place. However, approximately 500 members have permission to attend the hearing online. The aim of the court hearing is the oral arguments.
Oral arguments are on the request of certifying the class XRP holders that went against Ripples.
For just two weeks, an XRP holder Bradley Sostak asked the court to let him be the lead plaintiff in a class lawsuit. However, he wants to undertake all the XRP holders involving investors who sold or owned it at a loss.
BoBoCrypto took to Twitter and made an announcement that XRP holders and Ripple labs are keenly waiting for the critical summary judgment of the Zakinov vs. Ripple Labs case.
A lawyer of Zakinov named Nick Spear made a statement in the latest argument. He said approximately 75K XRP holders suppose as fake, claiming they are unconnected.
However, the lawyer tried to demonstrate how to do the damage calculation. Meanwhile, the District Judge, Phyllis J. Hamilton, highlighted that she is doubtful about the global class lawsuit. Additionally, she said that there is no paradigm.
Crypto411 took to Twitter and made an announcement that Ripple faces trouble in Zakinov versus Ripple Labs case from XRP holders in court.
Amicus Curiae attorney John Deaton stated that in the SEC versus Ripple case, he is not confident as a judge denying the class certification. However, he said that this is not much to worry about if the judge allows it ahead. He claimed that the case would come across on appeal.