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DailyBubble News

Judge Dismisses Most Ripple Claims, One Goes to Trial

Ripple has achieved a procedural victory as a judge dismissed several claims in the Oakland class action lawsuit. The U. S. District Court for the Northern District of California granted Ripple’s motion for summary judgment on federal class claims for unregistered securities and state law securities claims.

Judge Phyllis Hamilton threw out most of the class action claims against Ripple, including both the federal class claims for unregistered securities and the state law securities claims. This dismissal is a procedural win for Ripple, although it did not address the core question of whether XRP is considered a security.

Ripple’s Chief Legal Officer, Stu Alderoty, expressed satisfaction with the court’s decision, stating, “We are glad that the California court has dismissed all the class action claims. The only individual state law claim that has been left will be addressed in the trial.”

However, the court noted that the status of XRP as a security is still uncertain despite the procedural victories. The court stated that it is up to a jury to decide whether all three prongs of the Howey test are satisfied.

In addition to the class action lawsuit, another civil securities lawsuit against Ripple CEO Brad Garlinghouse will also proceed to trial. The court denied part of Ripple’s motion for summary judgment on the claim that Garlinghouse sold unregistered securities in 2017. The plaintiff alleges that Garlinghouse misled investors by claiming to be “very, very long XRP” while selling millions of XRP on various exchanges.

Legal expert Fred Rispoli believes that a settlement is likely due to the low damages and potential negative jury verdict for Ripple if the plaintiff wins. Rispoli also emphasized the need for federal legislation to address the question of whether XRP is a security.

Ripple’s attorneys argued that XRP does not meet the Howey Test’s definition of a security and requested the case to be dismissed. However, Judge Hamilton ruled that the case should proceed to trial, stating that it cannot be determined as a matter of law that Ripple’s conduct would have led a reasonable investor to expect profits.

At a hearing, the court ordered both parties to reconsider their motions to seal any part of the briefs. The parties have filed unredacted briefs and have requested an extension to file a motion to seal some exhibits. The new deadline for the motion to seal is July 8, 2024.

Judge Hamilton’s ruling differs from that of U.S. District Court Judge Analisa Torres in the Southern District of New York, who determined that XRP was not a security when sold to retail investors because it did not meet all elements of the Howey Test. The Importance of Regular Exercise for Overall Health

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