Ripple Labs Inc. and XRP II LLC have taken steps to seek a final resolution in the ongoing Ripple lawsuit, requesting that individual state claims be suspended indefinitely. Ripple CEO Brad Garlinghouse and other representatives have appealed to the court for a conclusive decision, prompting Judge Phyllis Hamilton to suggest that Ripple and the plaintiffs explore a new path toward resolution by voluntarily withdrawing any remaining individual claims, pending further developments.
Ripple and Court Urge Settlement Talks
In the latest court filing, Judge Hamilton acknowledged the joint request for a final decision on certain aspects of the case but proposed that the remaining individual claims be voluntarily dismissed. This pause would allow Ripple, Brad Garlinghouse, and XRP II LLC to focus on resolving securities law violations alleged against them until the appeals process concludes. Hamilton stated that if both parties favor this alternative route, they should submit a revised proposal to the court by November 4, 2024. Otherwise, they must file a statement explaining any disagreements.
The main plaintiff, Bradley Sostack, along with Ripple Labs representatives, have called for a final resolution of the class action claims based on alleged securities law violations. Additionally, they requested a halt in proceedings for any state-specific securities claims until the class action decision is rendered.
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Appeals Process Continues Amid Settlement Efforts
An initial settlement conference between the parties yielded no agreement, and individual plaintiffs are expected to appeal the summary judgment on class action claims. The class action lawsuit spans all XRP purchases within a six-year period, while the individual claim is linked to a single purchase made in January 2018. A pre-trial hearing is set for December 19, with jury selection and trial scheduled for January 21, 2025. Recently, Judge Hamilton made four significant rulings on key issues in the Ripple case under the Daubert standard.
The extended legal battle between Ripple and the SEC continues to unfold in the United States Court of Appeals for the Second Circuit. Both sides have submitted relevant documents, with the SEC reasserting securities law violations against Ripple executives Brad Garlinghouse and Chris Larsen. In response, Garlinghouse and Larsen have brought on new attorneys to challenge the claims, while the SEC has targeted January 15, 2025 for submitting its primary defense file.
Despite positive market trends, XRP has remained near the $0.52 level, trading around $0.524 at the time of writing, marking a 17% decline over the past month. Meanwhile, rising derivatives market activity signals increased buy interest, with open positions reaching new heights.
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