A crucial development has occurred in the case against Ripple Labs and its executives, with the court ruling in favor of the company and its leadership.
Court’s Ruling and New Hearing Date
Judge Phyllis Hamilton ruled to dismiss the class action lawsuits against Ripple and its executives under Rule 54(b), awaiting a final judgment in favor of the defendants. This potentially leads to a dismissal of the collective lawsuits alleging Ripple violated California securities laws by offering unregistered securities.
SEC Case and Progress of Proceedings
The U.S. Securities and Exchange Commission (SEC) has filed similar charges against Ripple Labs and its executives. Discussions about cryptocurrency policies and potential removal of SEC Chairman Gary Gensler could impact this case's progress. Ripple’s CTO David Schwartz and attorney Fred Rispoli anticipate either dismissal or settlement, though Rispoli sees withdrawal as unrealistic.
Upcoming Hearing Date and Alternative Solutions
The court set January 21 of next year for a new hearing date, with previous preliminary dates canceled. If the class actions go to appeal, new dates will be established. The court also urges considering alternative solutions for individual lawsuits to arrive at a quicker and more effective resolution.
With these developments, Ripple has made significant progress in its legal battle.
