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US Court Orders Ripple To Consider “Alternative Resolution'”

Published

2 months ago

October 30, 2024

Ripple Lawsuit Us Court Orders Parties To Consider An Alternative Resolution.webp.webp

XRP Lawsuit: In the latest development in the In re Ripple Labs Inc Litigation, defendants CEO Brad Garlinghouse, Ripple Labs and XRP II LLC have requested the court to issue final judgment on plaintiff class action claims and a stay on individual state law claim until resolution. The court has issued an order asking the parties to consider an alternative resolution.

Judge Asks Ripple and Plaintiffs To Reconsider in XRP Lawsuit

In the latest court filing in the In re Ripple Labs Inc Litigation, Judge Phyllis Hamilton affirmed the parties about their joint motion to seek final judgment and stay in the XRP lawsuit.

However, the judge ordered that the parties need to consider an alternative resolution of filing a voluntary dismissal without prejudice of the remaining individual claim. Notably, the claim is subjected to re-filing after the resolution of the appeal on the class claims of securities law violation by Ripple, Brad Garlinghouse, and XRP II LLC.

“If the parties are amenable to this alternative resolution, the court requests that they file an amended proposed order – and if the parties are not amenable, the court requests that they file a notice to that effect – by November 4, 2024,” the court ordered.

Joint Motion to Ripple XRP Class Action Lawsuit

Lead plaintiff Bradley Sostack and Ripple Labs, XRP II, and Brad Garlinghouse requested the court to issue final judgment on plaintiff’s class action claims on securities law violations. Also, a stay order on further proceedings related to state securities law violation claims until resolution of class action claims.

The settlement conference to settle the XRP lawsuit was unsuccessful. Individual plaintiffs intend to appeal this court’s summary judgment order resolving the class claims. Whereas the class claims put at issue all XRP purchases over a six-year period, the individual claim concerns purchases by a single buyer in January 2018.

Pretrial conference is set for December 19 and Jury Selection and Jury Trial are scheduled for January 21. Recently, Judge Hamilton granted orders on four motions in Ripple lawsuit under the Daubert rule pending before the court. It came as a win for plaintiffs as the court ruled mostly in favor of requests by plaintiffs.

Ripple SEC Case Also Set for Appeals Hearing

Ripple vs SEC lawsuit set to proceed in the U.S. Second Circuit Court of Appeal as both parties filed Form C. Surprisingly, the agency has reinstated securities law violation charges against Ripple executives Brad Garlinghouse and Chris Larsen.

Meanwhile, Ripple Labs executives Brad Garlinghouse and Chris Larsen hired key attorneys in the appeals court to dismiss claims in the XRP lawsuit. The U.S. Securities and Exchange Commission has requested the second circuit court to set January 15, 2025 as the deadline for its principal brief regarding the appeals.

XRP price continues to trade near $0.52 level this week despite overall bullish market conditions. The price is currently trading at $0.524, down 17% this month. Notably, the major buying activity is witnessed in derivatives markets as open interest continues to hit higher.