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Ripple class action lawsuit enters final judgment phase, which may help it deal with ongoing litigation with SEC
2024-11-17 05:07
Odaily News Certain class actions against Ripple and its CEO Brad Garlinghouse are entering the final judgment stage, which may help their ongoing litigation against the U.S. SEC. On Thursday, Judge Phyllis Hamilton approved a final judgment on the settled class actions and ordered a stay of the remaining unresolved lawsuits. The decision shortened the class action and paved the way for the trial to begin on January 21, 2025. The plaintiffs in the class action argued that Ripple violated federal and California securities laws by selling XRP without registration between 2017 and 2023. Analysis points out that the final judgment in this case may have a chain reaction on similar lawsuits filed by the SEC in 2020. Specifically, a ruling in favor of Ripple may greatly help it fight the SEC's allegations that it has violated federal securities laws.