Lawyers California startup Ripple Labs has made consideration of the collective claim of trade unregistered securities in the Supreme Court of San MATEO, according to CoinDesk, citing court documents.
Note, the company is accused of selling unregistered securities in the form of XRP tokens and the manipulation of the price of the asset. According to court documents, a lawsuit includes the case of Avner Greenwald, David Oconer and Vladi Zakirova against Ripple Labs and XRP subsidiaries II.
The defendant insists that the case meets the conditions necessary for consideration in Federal court because the plaintiffs reside in different jurisdictions.
“A class action is addressed in Federal district court if (1) the number of plaintiffs is greater than 100; (2) the process involved the plaintiff of a jurisdiction other than the jurisdiction of the defendant; and (3) the amount of the claim exceeds $ 5 million”, — said the lawyer, Peter Morrison.
Specialist in securities Kobre & Kim Jake Czerwinski called the actions of the lawyers Ripple to transfer the claim to the Federal court’s “brilliant.”
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
To protect their interests, the startup has hired law firm Skadden and other leading legal professionals from Debevoise & Plimpton, among them a former Chairman of the securities and exchange Commission (SEC) Mary Jo white and former head of the SEC for control over execution of Andrew Zereski.
We will remind, in August of this year, the team of lawyers was able to achieve the unification of the two lawsuits against Ripple.