In pivotal moment for XRP holders, new class action hearing is set to take place on April 26, 2023, as Ripple Labs faces long-standing Zakinov v. Ripple case
A new hearing in the class action case against Ripple Labs, known as Zakinov v. Ripple, is scheduled for April 26 at 1:30 p.m. PT (4:30 p.m. ET) in federal court in California.
The hearing will focus on oral arguments regarding the certification of the class of XRP holders suing Ripple.
The judge has opened online access for 500 members of the public to attend the hearing.
The case, originally filed in 2020, concerns plaintiff Bradley Sostak, who owned XRP for a brief two-week period.
Sostak is asking to be named lead plaintiff and to represent all XRP holders who either owned or traded the cryptocurrency during the relevant period.
The class action lawsuit alleges that Ripple Labs engaged in an illegal securities offering of the XRP token, causing financial harm to investors.
In a related development, attorney John E. Deaton has filed a motion for leave to submit an amicus brief on behalf of over 75,000 XRP holders. The aim is to ensure that their voices are heard before the court as they believe the outcome of the case may significantly impact their holdings. The court has yet to rule on Deaton’s motion.
The outcome of this hearing could set a precedent for future cases involving cryptocurrency companies and their treatment of digital assets.