An Analysis of Lawsuits Against Ripple by American Lawyer Jake Chervinsky

On Tuesday (14 August 2018), highly respected American attorney Jake Chervinsky, who is an associate at top litigation firm Kobre & Kim (which specializes in disputes and investigations) in Washington, DC, presented his analysis of the current (invester-brought) lawsuits against Ripple via a series of tweets. Please note that these are Jake's personal thoughts (not his firm's views) and should not be considered as legal/financial advice in any way.

Before we start, here is Chervinsky's defintion of a class action lawsuit: "a procedural device to resolve legal claims for many plaintiffs at once (here, XRP owners) where the facts & issues are the same for everyone."

It is important to note that "class action settlements & judgments are usually binding on the whole class, except for members who 'opt out'. So, if Ripple can resolve *one* class action, it will essentially be done litigating the XRP = security issue with all private plaintiffs (not including the SEC)."

As Chervinsky explains, there are currently four securities class actions against Ripple:

  •  Two state cases in San Mateo County, brought by plaintiffs Zakinov & Oconer.
  • Two federal cases in the Northern District of California, brought by Coffey & Greenwald

Here are the tweets Chervinsky sent out to present his thoughts on these lawsuits: 

 

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