Key Deadline Approaches in Ripple-Zakinov Lawsuit: What XRP Investors Should Know

The post Key Deadline Approaches in Ripple-Zakinov Lawsuit: What XRP Investors Should Know appeared first on Coinpedia Fintech News

In the ongoing legal tussle between Ripple and Vladi Zakinov’s XRP investors, pro-XRP lawyer Fred Rispoli has stepped into the spotlight with fresh insights.

In a recent X post, Attorney Fred Rispoli underlined the importance of the upcoming summary judgment briefing in the Zakinov lawsuit for Ripple, drawing parallels to the SEC case. This briefing could significantly impact Ripple’s fate, like Judge Analisa Torres’ ruling that XRP is not a security while finding Ripple guilty of institutional sales violations.

This is the class notice for the Oakland civil class action lawsuit against Ripple that was filed long before the SEC filed its case. Summary judgment briefing will be critical for Ripple here as well.

This new class action lawsuit has a lot at stake, and here’s what it means for you. 

The Zakinov lawsuit, initiated in 2018, alleges that Ripple, CEO Brad Garlinghouse, and subsidiary XRP II sold XRP to U.S. investors as unregistered securities. Recently, the U.S. District Court for the Northern District of California greenlit the case to proceed as a class action.

Two classes were certified: the Federal Securities Claim Class and the California State Securities Claim Class.

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In response to an XRP community member’s post, Attorney Rispoli highlighted a crucial document related to the Zakinov lawsuit. This document serves as a notice to U.S.-based investors who held or sold XRP at a loss between July 3, 2017, and June 30, 2023. Eligible XRP investors have two options: either be automatically included in the class action by taking no action, or request exclusion by April 5, 2024, to pursue a separate lawsuit against Ripple in the future.

The summary judgment briefing in the Zakinov lawsuit could significantly impact the outcome of the case, akin to its role in the SEC v. Ripple case, ultimately shaping the legal landscape surrounding XRP’s classification and Ripple’s regulatory obligations.

In the parallel Ripple vs. SEC case, post-discovery phase, the SEC has sought an extension from Judge Analisa Torres of the Southern District of New York. The request, submitted on February 27, 2024, aims to move the deadline for its remedies-related briefing ahead by one week.

Also Read: XRP Price Soars 4.5% as Ripple vs SEC Lawsuit Heats Up, XRPL Plans Revealed!

If approved, Ripple’s response deadline would shift from April 12 to April 22, 2024, indicating cooperation between the parties.