Ripple Faces Appeal Over $210K Bill Amid XRP Lawsuit Drama
- The U.S. Court of Appeals is reviewing an appeal against Ripples $210,591.52 bill of costs.
- Lead plaintiff Bradley Sostack challenges the court-approved costs in the XRP lawsuit.
- XRP provided extensive documentation supporting its claim for litigation expenses.
The legal battle involving Ripple Labs Inc. and its lead plaintiff in the XRP lawsuit continues to make headlines. The U.S. Court of Appeals for the Ninth Circuit is now reviewing an appeal filed by lead plaintiff Bradley Sostack. This appeal challenges XRPs $210,591.52 bill of costs, awarded after the district court ruled in favor of Ripple and CEO Brad Garlinghouse.
The class-action plaintiffs objected to XRPs request for litigation expenses, arguing that the court should deny or significantly reduce the amount. XRP, however, submitted a detailed filing, including a declaration and 65 exhibits, outlining legal fees, litigation costs, and other expenses incurred during the lawsuit. The case stems from allegations of unregistered securities sales, which the court ultimately dismissed in Ripples favor.
XRP Pushes to Recover Legal Expenses
Ripples bill of costs signals an effort to recover expenses from a drawn-out legal process that spanned several years. The plaintiffs claimed Ripple and Garlinghouse violated securities laws, including unregistered offers and sales of XRP tokens. The court, however, ruled in favor of Ripple in the summary judgment, rejecting these claims.
XRP submitted its cost breakdown through its Litigation Director, Ana Guardado, providing exhaustive documentation to support its request. Despite objections from the class plaintiffs, the district court approved the costs, prompting the lead plaintiff to appeal. Ripples move is viewed as a push to wrap up lingering disputes and avoid further delays in closing the case.
Ripple vs. SEC Case Remains in Focus
While the appeals court reviews the bill of costs, the broader XRP vs. SEC lawsuit looms large. The XRP community eagerly awaits the resolution of this high-profile case, which centers on XRPs regulatory classification. Legal experts believe the SECs new leadership under Paul Atkins may avoid pursuing further appeals, signaling potential closure.
Some analysts, including attorney Jeremy Hogan, anticipate the XRP-SEC lawsuit could conclude by mid-2025. The conclusion of these cases could set significant precedents for the crypto industry and its evolving regulatory framework. XRPs victories in court have bolstered confidence among XRP supporters, with many eyeing a positive outcome in the months ahead.
As Ripple and the plaintiffs await the appellate courts decision on the bill of costs, the broader implications of these legal battles remain significant. Crypto investors and companies are closely monitoring the outcomes, which could shape future crypto regulations and litigation strategies.
Read more: https://www.tronweekly.com/ripple-faces-appeal-over-210k-amid-xrp-lawsuit/
Text source: TronWeekly
