The next stage of the case will begin on May 20, 2019.
Progress has been made following a long wait in Ripple’s trials. The US court rejected the plaintiff’s offer to move the case to state courts and the proposal to replace the joint plaintiff representative.
There are currently 4 different cases opened to Ripple. Cases argue that the XRP is securities and violates the law because it is not registered as a security. Lawyer Jake Chervinsky made the following statement about developments:
Last month, the federal court dismissed the plaintiffs, so the case did not go to the state court. This is a little victory for Ripple. In this case, Ripple’s work is quite difficult, small victory is a good start.
According to Chervinsky, the decision on the collective action may be binding for all cases. If the XRP is not considered as a security in a case, the same may apply to all cases.
Ripple Can Reject Case
The court set this year’s calendar. Leading claimant will be determined in the next process. Plaintiffs will submit a reunited petition and this petition will be answered. The deadline for the plaintiffs to determine the claimant is 20 May 2019. The consul will elect the main plaintiff and the main plaintiff will represent all plaintiffs. Chervinsky explained the next step:
After the main plaintiff and consul leader has been elected, the plaintiffs have 45 days to submit a new petition to the court. Bulk prosecutors will add all the laws that Ripple allegedly violated. The trial will be released early in July.
Ripple will answer within 45 days. Ripple’s answer will be announced until October 2019. Ripple can also refuse the case, in addition to a month to give Ripple.