Last Updated on August 10, 2023 by Bitfinsider
Dates for a jury trial in the Securities and Exchange Commission’s action against Ripple Labs are being established.
In a pretrial scheduling order issued on Tuesday, Judge Analisa Torres stated that the court intends to have a jury trial in the Southern District of New York in the second quarter of next year.
According to Cornell Law School, the SEC and Ripple have until December 4 of this year to file motions in limine, which is a pretrial move seeking that particular evidence be declared inadmissible and not used at trial. They must also provide times when they will not be available by August 23.
Torres ordered a jury trial for Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen last month to determine whether they are culpable in illicit securities sales to institutional investors who purchased hundreds of millions of dollars of XRP.
Torres concluded last month that some of Ripple’s XRP sales did not violate securities laws since they were conducted through a blind bid process, thus buyers had no idea the trades benefited Ripple. She also decided that any additional direct sales of the token to institutional investors constituted securities.
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