Jake Chervinsky Makes an Update of the Ripple and XRP Case Litigation


In 2018, Ripple has been hit by several lawsuits and not only by just a price decline in cryptocurrency assets. The legal battle is between XRP investors and Ripple.

Back in November, attorneys for Ripple Labs filed to move the class-action lawsuit from the San Mateo Superior Court to the U.S. District Court, Northern District of California.

According to Jake Chervinsky, who serves as Defense Counsel in U.S. government criminal investigations at Kobre & Kim wrote a tweet with an update on the matter. He said that plaintiffs filed a reply brief in support of their motion to remand the case to state court.

Chervinsky explains that the oral argument is scheduled for February 13 and the decision could come shortly after that. The waiting period could be just a few weeks after the oral argument.

In another tweet, he noted that they are still looking at months or years until the case is resolved. He has also mentioned that Ripple supporters would probably want the case to go on for a lot longer way than the current estimations.

In this way, it might be possible to receive a dismissal with prejudice, in which the court decides the plaintiffs are wrong as a matter of law and are not allowed to sue again. Furthermore, a settlement with a certified class is also a possibility. If that happens, all class members could sue again. As Chervinsky explains, none of these situations can happen for a long time.

Ripple’s attorneys explain that the decision to move the case to federal court is related to the fact that there are more than 10 members of the suing class and at least one plaintiff is a citizen of a different state than the defendants.

Stephen Palley, a partner at the law firm Anderson Kill, said that there is conventional wisdom that state courts juries and judges tend to be more sympathetic to plaintiffs.

Until now, regulatory agencies in the United States did not provide information on whether XRP, the virtual currency used by Ripple’s products, is considered a security or not. All the crypto community is currently following this issue and how it can affect the future of the space.

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