Litigation of counsel Marty Flumenbaum and partners Mike Gertzman and Meredith Dearborn were recognized in The American Lawyer’s “Litigation Daily” column for securing a rare voluntary dismissal with prejudice by the SEC of aiding-and-abetting claims against Ripple co-founder and Executive Chairman Chris Larsen. The complete victory for our client follows an earlier landmark summary judgment win in the closely-watched cryptocurrency case, for which Marty won “Litigator of the Week” recognition.
In July, the Paul, Weiss team, alongside co-counsel, won a first-of-its-kind ruling that Ripple’s native digital token XRP is not a security. The SEC had alleged that Ripple, Larsen and Ripple CEO Brad Garlinghouse had altogether conducted over $2.6 billion in unregistered securities transactions through sales of XRP, further alleging that the two executives aided and abetted Ripple’s sales in violation of U.S. securities laws. The aiding-and-abetting charges represented the first time that the SEC lodged such claims against individuals in a cryptocurrency enforcement action not alleging fraud or misappropriation.
Litigation associates Kristina Bunting, Sarah Prostko, Michael Pisem, Eli Adelman, Connor Ritschard and Jacob Humerick were also recognized as core members of the trial team.
» read the article
