On April 26 at 1:30 PT (4:30 ET), a fresh hearing in the Ripple Labs class action lawsuit known as Zakinov v. Ripple is set to take place in federal court in California.
Oral arguments about the certification of the class of XRP holders suing Ripple will be the main topic of discussion during the hearing.
500 members of the public may attend the hearing over the internet according to the judge’s opening of access.
Plaintiff Bradley Sostak, who held XRP for only two weeks, is the subject of the action, which was initially filed in 2020.
Sostak is requesting to be the case’s lead plaintiff and to speak on behalf of all XRP investors who traded or owned the cryptocurrency throughout the pertinent time.
According to the class action lawsuit, Ripple Labs offered the XRP coin as a security illegally, harming investors’ finances.
A petition for permission to submit an amicus brief on behalf of more than 75,000 XRP holders has been submitted by attorney John E. Deaton in a related development. As they feel the verdict of the lawsuit may have a substantial influence on their assets, they want to make sure that their opinions are heard before the court. Deaton’s motion is still pending the court’s decision.
The result of this hearing could serve as a model for instances involving bitcoin businesses and how they handle digital assets in the future.
