XRP Lawsuit Update !

Court Orders Ripple Labs to Consider Alternative Resolutions

Oct 30, 2024

Ripple vs SEC Update: SEC Files for Jan 2025 Extension, Ripple Pushes Appeal

In the ongoing XRP lawsuit, a U.S. court has ordered Ripple Labs, CEO Brad Garlinghouse, and other parties to explore alternative resolutions before proceeding. This article covers the latest updates, key highlights, and the current state of XRP prices.

Court Orders Consideration of Alternative Resolutions

In the latest filing, Judge Phyllis Hamilton affirmed the parties joint motion for a final judgment while staying claims related to individual state laws. The judge has requested that Ripple and the plaintiffs consider filing for a voluntary dismissal without prejudice for the remaining individual claims, allowing for potential re-filing after the resolution of class claims of securities law violations.

“If the parties agree to this alternative resolution, they should file an amended proposed order by November 4, 2024,” the court stated. If not, they must notify the court.

Joint Motion for Final Judgment

Lead plaintiff Bradley Sostack, along with Ripple Labs and Garlinghouse, is pushing for a final judgment on class action claims related to securities law violations. They are also seeking to pause any further proceedings regarding state securities law claims until the class action claims are resolved.

Despite previous settlement attempts, the parties have yet to reach an agreement. The class claims address all XRP purchases made over a six-year span, while individual claims focus on purchases made by a specific buyer in January 2018.

Upcoming Court Dates

A pretrial conference is scheduled for December 19, followed by jury selection and trial set for January 21. Recently, Judge Hamilton granted several motions in favor of the plaintiffs, marking a win in this high-profile case.

Ripple SEC Case Moves to Appeals Court

The Ripple vs. SEC lawsuit is set to advance in the U.S. Second Circuit Court of Appeals, where both Ripple and the SEC have submitted their filings. The SEC has reinstated charges against Ripple executives, including Garlinghouse and Chris Larsen, claiming violations of securities laws.

In preparation for the appeals, Ripple's executives have engaged key legal representatives to challenge these claims. The SEC has requested that the court establish January 15, 2025, as the deadline for its principal brief.

Current XRP Price Trends

As per Coinpedia markets data XRP price is currently around $0.52, reflecting a 17% decline this month. Despite a generally bullish market, XRP has seen increased trading activity in derivatives markets, with open interest reaching new highs.

For the latest XRP news, including detailed insights into XRP price prediction and market analysis, stay tuned. As the situation develops, the implications for Ripple and XRP could significantly influence future price movements.