Securities Lawsuit Against Ripple to Stay in Federal Court

An ongoing securities lawsuit against payment startup Ripple will stay in federal court, per a recent ruling. The news was announced by lawyer Jake Chervinsky in a tweet on Mar. 1.

“The Court has denied the plaintiffs’ motions to remand. This means the case stays in federal court, a minor but meaningful victory for Ripple,” Chervinsky wrote in the post.

The ruling reads that United States District Judge Phyllis J. Hamilton, of the Northern District of California, has ordered that the class action suit against Ripple Labs, its subsidiary XRP II, and Ripple CEO Brad Garlinghouse, for the sale of unregistered securities must stay in federal court.

The document also mentions the court’s previous explanation that “[b]ecause interstate class actions typically involve more people, more money, and more interstate commerce ramifications than any other type of lawsuit, the Committee firmly believes that such cases properly belong in federal court.”

Reference: https://cointelegraph.com/news/securities-lawsuit-against-ripple-to-stay-in-federal-court

Share this:

Leave a Reply

Your email address will not be published. Required fields are marked *