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Ripple XRP Lawsuit: Judge Referred Class Action For Settlement

Ripple XRP class action lawsuit was referred to magistrate judge for settlement after Judge Hamilton ruled in favor of Ripple but to continue trial on Ripple CEO Brad Garlinghouse.
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Ripple XRP Lawsuit: Judge Referred Class Action For Settlement

Highlights

  • U.S. district court judge has referred Ripple case for settlement.
  • Judge Hamilton sided with Judge Torres' decision that XRP sales are not securities.
  • XRP price fell in response to Judge Hamilton's decision to continue trial on Ripple CEO Garlinghouse.

A U.S. district court judge referred Ripple case to a magistrate judge for settlement after the court granted in part and denied in part the defendants’ motion for summary judgment in the Zakinov v. Ripple lawsuit. The judge also sided with the SDNY court’s ruling that XRP sales are securities, gaining buzz in the XRP community.

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Ripple Class Action Lawsuit Moves For Settlement

District Court for the Northern District of California’s Judge Phyllis Hamilton issued an order in the class action lawsuit against defendants Ripple, XRP II, and CEO Brad Garlinghouse.

The judge granted defendants’ motion for summary judgment on the federal and state class claims. Defendants are denied summary judgment on plaintiff Sostack’s individual claim under California law, as reported by CoinGape. Moreover, Ripple’s motion to exclude the testimony of Steven P. Feinstein was denied as moot, and plaintiff’s motion to exclude the testimony of S.P. Kothari and M. Laurentius was denied as moot.

In a further order by Judge Phyllis Hamilton, the Ripple case was referred to Magistrate Judge Robert Illman for resolution between the parties. Judge Hamilton agreed with SDNY Judge Torres’ summary judgment on XRP programmatic sales, plaintiffs failed to prove that XRP is a security as investors rely on Ripple’s efforts for profits.

Also Read: SEC vs Ripple News – “Judge Torres Was Right On XRP”, SEC May Not Appeal

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XRP Lawsuit Impact on Ripple Vs SEC

Judge Hamilton sided Judge Torres’ decision has led to buzz in the XRP army about its impact on the Ripple vs SEC lawsuit stirring speculation over XRP.

Former SEC lawyer Marc Fagel said the biggest concern for Ripple is the SEC using this California case in the Second Circuit in its appeal against Judge Torres’ summary judgment on XRP. However, the court must first state whether XRP sales were security to reach the fraud issue.

Pro-XRP Bill Morgan and Fagel also added that the lawsuit may not have broader implications even if in case of adverse finding for Ripple.

XRP price fell 0.41% in the last 24 hours, with the price currently trading at $0.474. Bulls have failed to hold price over the $0.50 level, with a 24-hour low and high of $0.4711 and $0.4795, respectively. The trading volume has decreased by 18% in the last 24 hours, indicating a drop in interest among traders.

Also Read: Bitcoin Spot ETFs Suffer $140M Outflow, Marking Five-Day Decline

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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