Ripple has scored a partial victory in a California court case as Judge Phyllis Hamilton dismissed several claims in the Oakland class-action lawsuit against Ripple, including accusations of selling unregistered securities.
However, the decision on whether XRP is a security has been left to a jury to decide based on a Howey test.
Stu Alderoty, Ripple’s top lawyer, welcomed the decision, saying, “We are glad that the California court has dismissed all the class action claims. The only individual state law claim that has been left will be addressed in the trial”
In a separate case, Ripple’s CEO Brad Garlinghouse still faces a lawsuit for allegedly selling unregistered securities in 2017.
However, legal expert Fred Rispoli thinks these cases might be settled out of court. He also pointed out that the question of whether XRP is a security remains unanswered and may need new laws to resolve.
The court has given both sides until July 8, 2024, to file any requests to keep certain documents private.
Also Read: Jeremy Hogan: SEC Faces Prolonged Battle in Ripple Appeal
