Ripple’s efforts to consolidate several lawsuits filed against it have met with some success. About it writes CoinDesk.
Ripple achieves merger of two class actions involving XRP cryptocurrency
Per recent times Several lawsuits have been filed against Ripple, claiming that the XRP token that the company uses in some of its products is securities. Now Ripple is trying to consolidate or at least reconcile different class actions with each other so that it does not have to fight on several legal fronts at once..
The lawsuit filed by David Okoner with the California Supreme Court on Wednesday was officially dubbed a “complex proceeding” – meaning it will now be reconciled with other claims.
Shortly before that – in June 2018 year – another Californian lawsuit filed by investor Vladi Zakinov was named complex.
According to California court rules, one of the requirements for a claim to be called complex is that the claim contains a “multi-party securities or investment loss claim.” Now all the processes related to this case will be controlled by one judge in order to prevent duplicate actions and different results in different claims.
However, one of the consequences of Okoner’s actions was that Judge Mary Weiner was appointed to this case, which Ripple managed to remove from Zakinov’s suit. Whether Ripple will try to remove this judge from the new trial is unclear..
Ripple asked for approval of Zakinov and Okoner lawsuits in August Of 2018, stating that both of these class actions “are wholly or only materially related to the same case” and concern “the same or nearly the same parties”.
Another class action lawsuit was voluntarily withdrawn by the plaintiff himself – investor Ryan Coffey. Ripple was moved to the District Court for the Northern District of California, although Coffey tried to move it back to a lower court. After his request was denied, he decided to voluntarily withdraw his claim..
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