The ongoing legal battle between Ripple Labs Inc. and a group of XRP investors led by Vladi Zakinov is set to reach a critical moment on January 11, 2024, when both parties prepare for a key court hearing. Highlighted by the XRP community and closely monitored by the cryptocurrency sector, this date is an important step in an event that could have potentially far-reaching implications for Ripple and XRP.
Ripple Vs. Zakinov: Proceedings resume on January 11
Crypto Eri, a prominent figure in the XRP community, shared an official court notice on the social media platform, detailing plans for the upcoming Zoom hearing. A notice issued by the court states that the hearing concerns a “motion to approve the form and manner of class notice.”
This is an important procedural step to ensure that all potential class members in this lawsuit receive adequate and fair information about the case, their rights, and what steps to take.
Zakinov et al. Ripple Labs, Inc. etc.
ZOOM HEARING set for January 11, 2024 at 1:30 PM.
Webinar Access: All attorneys, members of the public, and media may access the webinar information at https://t.co/7BcPnPVugN.
Zoom instructions: https://t.co/uXJrxSbYzg
👇Please follow the rules👇 pic.twitter.com/qz4o1k5MG6— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) January 4, 2024
This notification is an important step in ensuring that the legal process is fair and transparent for all parties involved. “Form” of a notice means its content and layout, and “manner” means its method of distribution, whether by mail, publication, or digital means.
The court’s role in approving the form and manner of notice is to ensure that the notice is clear, concise, and effective for all class members. The court will also ensure that the notice complies with legal standards and provides sufficient information to enable class members to make informed decisions about participating in the lawsuit.
Bill Morgan, a lawyer active in the XRP community, offer He expressed his willingness to participate in the hearing and provide input based on his insights.
Looking back on the history of the event, Morgan pointed out contrasting support dynamics within the community of XRP holders. While a small faction supports Zakinov’s stance against Ripple, a much larger group supports Ripple.
He said:
Thank you, Eri. If there are no restrictions, I will participate and comment. Last year, XRP investors were granted class status in the Zakinov v. Ripple Labs(…) lawsuit. Even though the number of XRP holders supporting Zakinov over Ripple can be counted on one hand compared to the hundreds of thousands who supported Ripple over the SEC. Including nearly 80,000 who joined John Deaton’s Amici army.
The class status has already been confirmed.
The last development in the case came eight months ago, when the class led by Zakinov was granted class status in its lawsuit against Ripple Labs. The class certification, confirmed by Judge Phyllis J. Hamilton, was a key moment that set the stage for a class action lawsuit accusing Ripple of selling XRP as an unregistered security. If this claim is proven, it could have a significant impact on Ripple.
Lead plaintiff Vladi Zakinov, who held XRP for a short period of time, seeks to represent a class of XRP holders who argue that XRP is a security issued by Ripple. This class aims to include all XRP holders around the world who bought XRP and are currently holding it or have sold it at a loss. Therefore, this class action lawsuit covers a broader range of XRP investors (compared to the SEC case).
So the January 11th hearing is not just a routine procedural step. This is a pivotal event that will set the stage for another important battle for Ripple. The trial is expected to begin April 15, 2024. Surprisingly, the original lawsuit was filed in May 2018.
At press time, XRP was trading at $0.57137.
Featured image from Vauld, chart from TradingView.com