In the case against Ripple in the securities fraud occurred significant changes: the court approved the company’s statement on the unification of judicial Affairs in one production and one of the applicants voluntarily withdrew the suit.
Since the beginning of may this year, several people filed three class action against Ripple. All applicants accuse the company that it does not want to recognize tokens of the platform XRP as a stock but fully controls them. Earlier this month, the cryptocurrency, the company asked the court to combine the two last trial is one based on the fact that almost all of the materials both of the cases relate to same subject and are connected with the same participants. So Ripple will save time and effort for the proceedings.
Last Wednesday the California Supreme court outlined the recent lawsuit filed by student David Okonorm as “complex litigation”. This means that the lawsuit will be combined with the previous one. According to open materials, the first two statements against Ripple was converted into one in June.
All these things meet the requirements described in the California rules of court, according to which the status of “complex litigation” can be assigned to processes, comprising the same type of complaints against securities or investment losses from several sides. Now the court is obliged to supervise all actions related to these cases is that in the process of the trials adhered to the unity of procedures and results.
Interestingly, the case of Oconee assigned to the judge Marie Weiner (Weiner Marie) request, a Ripple was dismissed with a previous lawsuit against the company. It is unclear whether the cryptocurrency company to achieve the same solution this time.
It is worth noting that about a week ago, the first class action suit against Ripple was voluntarily withdrawn its filing investor Ryan Coffey (Coffey, Ryan). After the case was transferred to the jurisdiction of the District court of the United States for the Northern district of California, Coffey tried unsuccessfully to return it to the court of first instance, and to secure pre-trial detention of Ripple management, their subsidiaries XRP II and CEO brad Garlinghouse (Brad Garlinghouse), but eventually withdrew the suit.