BREAKING: a cause for collective actions of ripple proceeds; the plaintiffs pose a new question

On December 8, Jake Chervinsky, Lawyer at Kobre & Kim LLP, tweeted on a development of the class action lawsuit previously filed against Ripple. Here, he informed his followers that the plaintiffs requesting the XRP as a security filed a motion to remand in federal court, asking to return to court. He added:

"They also say that Ripple should pay their legal fees, saying that the removal to the federal court was" frivolous "and had no" legal or factual basis "."

A few weeks ago, the lawsuit was removed from the Federal Court, as Ripple's lawyers defended the company by declaring:

"The plaintiffs do not claim that they do not have information about the nature of these transactions, but plaintiffs claim that they were in some way hurt because the Defendants were required to register XRP as" security "with the Securities & Exchange Commission (" SEC " ), but they did not do it ".

In a series of previous tweets, Chervinsky explained in detail, the legal situation facing the main fchach blockchain venture. In August, the lawyer claimed that Ripple is defending four cases in California courts, two of which were in state courts [San Mateo County, filed by Zakinov and Oconer] while the other two were fought in the supreme court [Northern District of California, filed by Coffey & Greenwald]. Furthermore, all the cases mentioned are based on securities.

He continued the explanation in his third tweet, stating that all the charges point to a common case: XRP is a security in which Ripple violated state and federal law by not registering the digital asset before offering it, promoting it and selling it to retail investors.

Chervinsky also hypothesized the expected scenarios, one of which is the case in which the plaintiffs lose. In this regard, he wrote:

"If the plaintiffs lose, the SEC will have saved a lot of time and money, and keep in mind that they have limited resources for the #crypto space and that they have their hands out for petty schemes and definitive frauds. good management of resources. "

While Ripple's combined cause continues to dodge between the state and the federal court, a decision on it has yet to be heard by the authorities.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.