Ripple Scores Small victory against investors The claim of XRP is a security


Ripple's efforts to consolidate the actions taken against it are successfully proceeding.

As reported earlier by CoinDesk, Ripple Labs, which has been sued by a number of parties who claim that the XRP token is a security for the company, has pushed it to make sure that the various collective legal actions against it, or at least coordinated, limit the number of cases in which it fights at once.

And Wednesday, a California Superior Court suit filed by investor David Oconer was formally designated as a "complex litigation" – means that it will now be coordinated with the remaining seeds.

According to public documents, this follows another California case, presented by investor Vladi Zakinov, which has already been deemed complex since June 2018.

Under California Court Rules, one of the requirements for a complex designation, a case involves "requests for securities or investment losses involving many parties". With the new designation, a single judge should supervise actions related to the case to avoid duplicate efforts and potentially different results due to different cases.

However, a result of Oconer's action is that the case is now assigned to Judge Marie Weiner, who Ripple successfully moved to disqualify from holding the Zakinov case. It is not clear if Ripple will move again to disqualify the judge from the new precedent.

Ripple filed to coordinate the causes Zakinov and Oconer at the beginning of this month, arguing that the two class actions concern "all or a material part of the same object" and involve "all or substantially all the same parts" ".

Another cause related to the collective action, presented by the investor Ryan Coffey, was voluntarily rejected by the investor last week. This case was transferred to the District Court of the Northern District of California by Ripple, although Coffey tried to move him to a lower court. His voluntary dismissal comes after the effort has been rejected.

Coffey's legal adviser, Oconer and Ripple did not respond to requests for comments by press time.

XRP Token on bullseye image via Shutterstock

The leader in blockchain news, CoinDesk is a media reference point that pursues the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in criptovalute and blockchain startups.

[ad_2]Source link