- Another pending case against the SEC springs up after 5 years.
- Attorney John Denton to defend Ripple against plaintiffs who filed three lawsuits against Ripple.
Ripple is getting more support from the public, most notably from the popular attorney John Deaton.
According to recent tweets made by another popular defense lawyer James F. Filan, attorney John Deaton is preparing to become one of the defense lawyers who will argue against plaintiffs.
While the SEC vs Ripple lawsuit is the most known and most talked about, Ripple is also involved in another lawsuit that was filed by XRP investors.
Back in 2018, XRP investors filed a class action lawsuit against Ripple, and the case has since been on hold since it was filed over 5 years ago.
Plaintiff Bradley Sostack is behind the lawsuit. Sostack filed three lawsuits namely Zakinov, Oconer, and Greenwald. However, all three suits have since been merged into one. Sostack will be leading the hearing of the case. The hearing is expected to take place in California.
Attorney John Deaton will be defending Ripple against the plaintiffs who alleged that Ripple sold XRP as an unregistered security. The plaintiffs want compensation from Ripple, after claiming to have suffered severe losses.
“John Deaton will be filing a Motion to File an Amicus Brief in Zakinov v. Ripple in California. There, the plaintiffs claim that Ripple sold XRP as an unregistered security. They are asking the court to certify a class of ALL XRP Holders who purchased and now hold XRP or who sold XRP at a loss..” Attorney James K. Filan shared in a recent tweet.
#XRPCommunity #XRP @JohnEDeaton1 will be filing a Motion to File an Amicus Brief in Zakinov v. Ripple in California. There, the plaintiffs claim that Ripple sold XRP as an unregistered security. They are asking the court to certify a class of ALL XRP Holders who purchased 1/5
— James K. Filan (@FilanLaw) February 6, 2023
Plaintiffs might have a harder winning chance as many XRP holders side with Ripple
XRP holders, about 75,890 of them, who disagree with the plaintiffs who also disagree with their stances on XRP being a security, will also be included in the proposed class.
It is also worth noting that as Filan explained,
the proposed class is not limited to direct sales by Ripple and includes all sales of XRP, including secondary sales and international sales in countries where XRP has already been determined not to be a security.
Attorney John Deaton will take the stand, and argue in defense of Ripple. Deaton is going to argue that the court should not certify the class because of the many ongoing conflicts.
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He’s also going to argue that there aren’t many XRP holders that share the sentiments that XRP is or was an unregistered security. The majority of XRP holders believe otherwise, and Deaton is going to note that in court.
John Deaton is expected to make a strong argument for the majority of these XRP holders, who he will argue, cannot represent themselves fairly. This is due to the fact that XRP is still not considered security in many of the regions in which these holders reside.
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