Class action of investors against Ripple Labs, in which they demand recognition token XRP securities, transferred to the jurisdiction of the Federal court – district court for the Northern district of California. The company’s lawyers were able to arrange a transfer to a court of higher level, justifying it by the fact that the plaintiffs, whose number exceeds 100, are not in the same state with the defendants and, accordingly, a matter of $5 million may not be considered in the court of any one of them. In response to a change trial, the plaintiffs demanded the return of the proceedings in the court of San MATEO, which gives the Ripple lawyers two weeks to contest this requirement.
According to some lawyers, the transfer of the case to the Federal level, where judges and juries are often more favorable to the defendants, gives Ripple a chance to invalidate all attempts to prove the non-character tokens, XRP.
Ripple”s legal team showing some tactical brilliance here.
It’s hard to explain the procedural maneuver in one tweet & I’m not going to thread this, but suffice to say it’s a *seriously* crafty attempt to go federal. Might not work, but slick regardless.https://t.co/DuR5kWNJwy
— Jake Chervinsky (@jchervinsky) November 9, 2018
Recall that a group action against Ripple with the requirement to recognize XRP valuable paper was submitted in may, in early June and July, and then combined into one. In September of this year, the General counsel Ripple Brinly Leur (Brynly Llyr) left office, and representatives from Ripple Labs Inc. (XRP II, LLC) announced that between their company and R3 HoldCo LLC (S3 LLC) reached agreement on all pending trials over the counter lawsuits for option contract in the amount of $1 billion.