According to CryptoPotato, Ripple is set to participate in a significant motion hearing for the Zakinov v Ripple Labs case on January 11. The case, initiated in May 2018 by XRP holders against Ripple, alleges misleading information and illegal XRP sales as an unregistered security. The session will be held via a Zoom webinar before Judge Phyllis J. Hamilton and aims to approve the form and manner of class notice. Members of the public or media can access the hearing via a designated online link.
The lawsuit started when a group of XRP holders sued the crypto company, alleging it of providing misleading information and breaching certain laws by selling XRP as an unregistered security. The plaintiff, Vladi Zakinov, maintains that he and many others were among the victims. The trial has been postponed numerous times in the past several years and is expected to start on April 15, 2024.
Ripple's well-known legal conflict with the US Securities and Exchange Commission (SEC) started in December 2020 over unregistered XRP security offerings. Ripple scored a major victory in July 2023 after US Federal Judge Analisa Torres ruled that secondary XRP sales did not constitute an offer of investment contracts. The firm secured two additional partial victories in the following months when the American magistrates disallowed the SEC to appeal the initial decision and when Ripple’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all accusations brought by the agency. The grand trial is set for April 23, 2024, with both sides required to comply with necessary procedures before meeting in court. The SEC must file its brief with respect to remedies by March 13, 2024, whereas Ripple must file its opposition by April 12, 2024.
