Zakinov et al vs Ripple Labs Motion to Remand DENIED

by | Mar 1, 2019

Zakinov et al vs Ripple Labs is the last lawsuit remaining against Ripple, regarding the status of XRP as a potential security. Three seperate lawsuits, Zakinov, Oconer and Greenwald were all related into one back in October 2018. After that, the class action was moved to Federal court from the San Mateo Superior Court a few weeks after.

On December 7, the plaintiffs filed a motion to remand the case back to state court (San Mateo Superior Court). Almost three months later, the motion has been denied by honorable judge Phyllis J. Hamilton. Moreover, the parties have been instructed to conduct a meet and confer regarding how the litigation should proceed. Plaintiffs have also been instructed to file an amended consolidated complaint within 30 days and IF defendants intend to move to dismiss the amended consolidated complaint, they must file a stipulated briefing schedule for that motion within 30 days. If not, they must file a statement to that effect by the same deadline.

This is positive news for Ripple since it clearly wanted the trial to stay in Federal court. Moreover, we must keep in mind that the first lawsuit against Ripple by Coffey, followed a similar turn of events, and after the motion to remand was denied, Coffey dropped his lawsuit. This of course does not mean that Zakinov et al will take the same action.

According to the judge’s instructions, we should have an update on the case within 30 days. If you want to follow developments be sure to follow this space and lawyer Jake Chervinsky (@jchervinsky on twitter).

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