As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of legal battles and market fluctuations. The latest developments in the Ripple XRP lawsuit are intriguing, to say the least.
In the recent progression of the case titled In re Ripple Labs Inc Litigation, the claimants have lodged appeals at the Ninth Circuit Court of Appeals, and submitted objections to the proposed bill of costs within a California federal court.
In the meantime, the main brief for the Ripple vs SEC lawsuit must be submitted by January 15. Some individuals within the cryptocurrency community are concerned that Gary Gensler may cause significant issues for Ripple before his resignation on January 20.
Ripple Faces New Challenges in XRP Lawsuit
In their latest legal move, the primary complainant, Bradley Sostack, has submitted a document indicating they will appeal a decision, sending it to the U.S. Court of Appeals for the Ninth Circuit. This appeal is in response to recent verdicts that went in favor of Ripple Labs, XRP II, and their CEO, Brad Garlinghouse, within a class action lawsuit.
As a crypto investor, I’ve taken note of the subsequent rulings that have been made on Summary Judgment, as well as Sostack’s personal claim under California law, and other ongoing disputes that Ripple has unfortunately lost in the district court since October 2020.
According to CoinGape’s report, Judge Phyllis Hamilton approved the motion to modify the ruling concerning the judgment and stay in the XRP lawsuit. Both parties proposed an order to the court, indicating that there was no need to postpone the judgment since the class claims had already been settled.
Plaintiff Challenges Ripple’s Bill of Costs
Additionally, the plaintiffs have voiced their disagreement with Ripple’s bill of costs in the XRP lawsuit and submitted a proposed order to reject Ripple’s request. Furthermore, they have petitioned the court to either lower or dismiss the costs if the court decides to address them at this point.
The court will postpone deciding on tax-related costs until after the conclusion of the ongoing appeal, settlement of the suspended personal case, and resolution of any remaining class action cases that may be remanded.
Ripple submitted a bill detailing legal expenses, attorney fees, and other litigation-related costs, along with a declaration from Litigation Director Ana Guardado, and 65 supporting documents, in the XRP lawsuit.
Despite the plaintiff’s attempts to prolong the legal battle, the court has dismissed most of their class action claims, thereby bringing the lawsuit close to conclusion. The court upholds the verdict in favor of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse.
The focus is on the Ripple vs SEC lawsuit in the Second Circuit Appeals Court. Ripple executives and the crypto community are upbeat on the dismissal or withdrawal of appeals. However, some have raised concerns about Gary Gensler creating problems as he steps down on January 20, five days after the principal brief deadline.
In the wake of Donald Trump’s election victory and the introduction of the RLUSD stablecoin, XRP’s price has surged by more than 400%. Currently, it’s trading at around $2.40, with its value moving within a narrow range for about a week now.
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2024-12-12 15:02