Ripple Lawsuit Referred To Magistrate Judge For Settlement

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As a researcher with a background in law and finance, I’ve been closely following the developments in the Ripple class action lawsuit and its potential implications for the ongoing legal battle between Ripple and the SEC over XRP‘s status as a security.

As a researcher studying the legal developments surrounding the Ripple case, I can share that a U.S. district court judge has referred the matter to a magistrate judge for potential settlement. This decision came after the court granted certain aspects and denied others of the defendants’ motion for summary judgment in the Zakinov v. Ripple lawsuit. The ruling also set aside the previous decision by the SDNY court, which classified XRP programmatic sales as non-securities, leading to intense discussion within the XRP community.

Ripple Class Action Lawsuit Moves For Settlement

As a legal analyst, I’d rephrase it this way: In a class action lawsuit filed against Ripple, XRP II, and their CEO Brad Garlinghouse in the Northern District of California, Judge Phyllis Hamilton handed down an order.

The judge ruled in favor of defendants’ request for summary judgment on the federal and state class action claims. However, defendants were not successful in their bid for summary judgment regarding plaintiff Sostack’s individual claim under California law, according to CoinGape’s report. Additionally, Ripple’s attempt to exclude Steven P. Feinstein’s testimony was denied since it had already been presented, and the plaintiff’s efforts to exclude S.P. Kothari and M. Laurentius’ testimonies were also dismissed as irrelevant at this stage.

In her subsequent ruling, Judge Phyllis Hamilton transferred the Ripple case to Magistrate Judge Robert Illman for resolution between the parties. She disagreed with SDNY Judge Torres’ decision on summary judgment regarding XRP programmatic sales, as she believed investors had relied on Ripple’s actions to secure profits.

Ripple Lawsuit Referred To Magistrate Judge For Settlement

XRP Lawsuit Impact on Ripple Vs SEC

The move by Judge Hamilton to override Judge Torres’ ruling in the Ripple versus SEC case has sparked debate among XRP supporters, fueling worries that this could influence the outcome of the lawsuit and potentially affect XRP’s classification as a non-security.

As a researcher looking into the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), I’ve come across an important point made by former SEC lawyer Marc Fagel. According to him, the SEC might use the California case in the Second Circuit as part of its appeal against Judge Torres’ summary judgment on XRP. However, before reaching that fraud issue, the court must first clarify whether or not the sales of XRP were indeed classified as securities.

Bill Morgan and Fagel, advocates for XRP, mentioned that if Ripple were to lose the ongoing lawsuit, the consequences might be limited in scope.

She declined to dismiss the contention during a summary judgment hearing that retail purchasers could reasonably anticipate profits linked to Ripple’s actions, instead of being influenced by broader crypto market fluctuations alone.

— bill morgan (@Belisarius2020) June 21, 2024

As a researcher studying the XRP market, I’ve observed that the price dipped to a weekly low of $0.486 before bouncing back and settling at its current level of $0.489. The price surged above the $0.50 mark but subsequently retreated, reaching a 24-hour high of $0.4906 and a low of $0.5002. A notable increase in trading volume by approximately 9% within the past day suggests heightened trader interest.

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2024-06-21 11:20