Turning Point for Ripple? Legal Expert’s Verdict on Zakinov vs Ripple Upcoming Summary Judgment

The post Turning Point for Ripple? Legal Expert’s Verdict on Zakinov vs Ripple Upcoming Summary Judgment appeared first on Coinpedia Fintech News

In the latest legal conflict related to Ripple and Vladi Zakinov’s XRP investors, pro-XRP lawyer Fred Rispoli makes new statements.

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

Ripple’s Fate Hangs in the Balance: Will the Zakinov Lawsuit Shake Things Up?

The Zakinov lawsuit, initiated in 2018, accuses Ripple, CEO Brad Garlinghouse, and subsidiary XRP II of selling XRP to U.S. investors as unregistered securities. The U.S. District Court for the Northern District of California recently ordered the case to proceed as a class action, certifying two classes for the lawsuit: the Federal Securities Claim Class and the California State Securities Claim Class. 

Responding to an X post from an XRP community member, Attorney Rispoli highlighted a 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. According to the notice from the Zakinov Class Action, eligible XRP investors have two options: either take no action and be automatically included in the class action or request exclusion from the litigation by April 5, 2024, to sue Ripple separately 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.

Ripple vs SEC: What’s the Next Move?

Meanwhile, in the Ripple vs SEC case, after the discovery phase, the SEC has asked Judge Analisa Torres of the Southern District of New York to move the deadline ahead by one week for its remedies-related briefing in its ongoing lawsuit against Ripple Labs, Inc. The request, submitted on February 27, 2024, aims to allow sufficient time for both parties to fulfill their obligations in light of recent developments.

The SEC wants to change the deadline for filing its opening brief in the remedies phase from March 13 to March 22, 2024. If approved, Ripple’s response deadline would move from April 12 to April 22, 2024, and the SEC’s deadline for a reply would extend from April 29 to May 6, 2024. Ripple has agreed to this change, showing cooperation between the parties to handle legal matters.