The ongoing legal battle between Ripple Labs Inc. and a group of XRP investors led by Vladi Zakinov is set to reach a pivotal moment on January 11, 2024, as both parties prepare for a significant court hearing. This date, highlighted by the XRP community and closely monitored by the cryptocurrency sector, marks a crucial phase in a case 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 the official court notice on a social media platform, detailing the logistics of the upcoming Zoom hearing. The notice, issued by the court, specifies that the hearing is about the “Motion to Approve the Form and Manner of Class Notice.”
It’s a procedural step critical for ensuring that all potential class members in this lawsuit are adequately and fairly informed about the case, their rights, and the actions they might need to take.
Zakinov et al v. Ripple Labs, Inc. et al
This is a ZOOM HEARING set for 1/11/2024 at 01:30 PM
Webinar Access: All counsel, members of the public, & media may access the webinar information at https://t.co/7BcPnPVugN
Zoom Guidance: https://t.co/uXJrxSbYzg
👇Follow the rules👇 pic.twitter.com/qz4o1k5MG6
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) January 4, 2024
This notice is a crucial step in ensuring that the legal process is fair and transparent to all parties involved. The “form” of the notice refers to its content and layout, while the “manner” refers to the method of distribution, such as through mail, publication, or digital means.
The court’s role in approving the form and manner of the notice is to ensure that it is clear, concise, and effective in reaching all class members. The court also ensures that the notice complies with legal standards and provides sufficient information for class members to make informed decisions about their participation in the lawsuit.
Bill Morgan, a lawyer active within the XRP community, provided his insights, expressing his intention to join the hearing and offer comments.
Reflecting on the case’s history, Morgan noted the contrasting support dynamics within the XRP holder community. While a small faction supports Zakinov’s stance against Ripple, a significantly larger group aligns with Ripple.
He stated:
Thanks Eri. I will be joining if there is no restriction and giving comments. Last year XRP investors were granted class status in the lawsuit of Zakinov v. Ripple Labs […] even though the number of XRP holders that support Zakinov against Ripple you could count on one hand compared to the hundreds of thousands that supported Ripple against the SEC including the almost 80,000 that joined the Amici army of John Deaton.
Class Status Already Confirmed The last development in the case came eight months ago when the class led by Zakinov was granted class status in the lawsuit against Ripple Labs. The class certification, confirmed by Judge Phyllis J. Hamilton, was a pivotal moment, setting the stage for a class action that accuses Ripple of selling XRP as an unregistered security. This allegation, if proven, could have substantial implications for Ripple.
Lead plaintiff Vladi Zakinov, who held XRP for a brief period, seeks to represent a class of XRP owners who allege that XRP is a security issued by Ripple. The class aims to include all XRP owners worldwide who bought and currently hold XRP or those who sold it at a loss. This class action, therefore, encompasses a wider array of XRP investors (in comparison to the SEC case).
The January 11 hearing, therefore, is not just a routine procedural step. It’s a pivotal event that will set the stage for another crucial battle for Ripple. The trial is expected to begin on April 15, 2024. Remarkably, the original lawsuit was filed in May 2018.
At press time, XRP traded at $0.57137.
XRP price rejected at 0.5 Fib, 1-day chart | Source: XRPUSD on TradingView.com Featured image from Vauld, chart from TradingView.com