o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

US Federal Court Denies Motion to Remand Against Ripple

Posted on August 14, 2018 by nbelov

A U.S. federal District Court has dismissed a motion to remand filed against Ripple in May.

The U.S. District Court, Northern District of California has ruled to deny a motion to remand against Ripple, its subsidiary XRP II, and Ripple CEO Brad Garlinghouse, according to an official document issued August 10.

The original lawsuit was first initiated by XRP investor Ryan Coffey in a San Francisco court on May 3, 2018, claiming that he lost $551.89 while trading XRP tokens. The class action was filed by law firm Taylor-Copeland, alleging that Ripple sold XRP tokens in violation of both the U.S. the Securities Act and the California Corporations Code. The plaintiff also claimed that XRP is not genuinely decentralized.

According to court documents, the plaintiff failed to show whether the presence of a Securities Act issue was sufficient to bar the defendant from removing an action under the Class Action Fairness Act. In the ruling the court found that, “The parties candidly admit that their research failed to turn up any case directly addressing this question and the court’s own research fared no better.”

The plaintiff was seeking a “rescission of all XRP purchases, damages, and a constructive trust over the proceeds of defendants’ alleged sales of XRP.”

At the time the lawsuit was first filed, David Silver, a partner at Silver Miller Law Firm, commented to Cointelegraph that “lawsuits like this are simply private litigants testing the legitimacy of these companies,” claiming that it will bring more judicial clarity.

A Ripple spokeswoman said that at the moment the lawsuit was filed, the SEC had not yet decided whether XRP is a security. She claimed, “We continue to believe XRP should not be classified as a security.”

In early June, Ripple appointed former chair of the U.S. Securities and Exchange Commission (SEC) Mary Jo White as a representative in the class action filed by Coffey.

Recently, Ripple released the second quarter 2018 report for its digital asset, arguing that the XRP token price was in line with the overall trend in crypto markets, which “[underscores] XRP’s independence from Ripple.”

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Bitcoin trades in $29K 'no man's land' as Tesla ESG fallout routs stocks May 19, 2022
  • South Korean watchdog reportedly fines Terraform Labs $78M for tax evasion May 19, 2022
  • Crypto Price Forecasts, When to Buy in Bear Market: Blockchain Founder – Business Insider May 19, 2022
  • Singer Kiesza backs robot NFT to give prosthetic limbs to a young man and a dog May 19, 2022
  • The blockchain brief: What payments industry professionals should understand about Web3 domains – The Paypers May 19, 2022
  • Nifty News: BAYC floor price drops 50%, Lonely Apes doesn’t attract women, and more May 19, 2022
  • The Dept. of Commerce has 17 questions to help develop a crypto framework May 19, 2022
  • Coinbase launches new crypto think tank to help shape policies May 19, 2022
  • 'Huge testing milestone' for Ethereum: Ropsten testnet Merge set for June 8 May 19, 2022
  • Jamiroquai to Bring 'Virtual Insanity' to The Sandbox Blockchain Metaverse – Metaverse Bitcoin News – Bitcoin News May 19, 2022
  • Crypto Platform Hack Rocks Blockchain Community – Bloomberg May 19, 2022
  • Defiant Chinese netizens skirt lockdown censorship using blockchain – Financial Times May 19, 2022
  • Crypto jobs market holding up despite tech industry cutbacks May 19, 2022
  • Vietnam Blockchain Association Affirmed Their Objectives And Missions In Industry 4.0 – GlobeNewswire May 19, 2022
  • Novogratz says LUNA tattoo is a constant reminder investing 'requires humility' May 19, 2022
  • 'Grim Reapers' financial crimes unit revived to investigate Terra collapse May 19, 2022
  • $3B flows to Metaverse and Web3 gaming this month as A16z’s tips in $600M May 19, 2022
  • Russia will inevitably legalize crypto payments says trade minister May 19, 2022
  • South Africa's Sinan Energy launches carbon tokenization blockchain platform – CoinGeek May 19, 2022
  • NY Department of Financial Services Outlines How Blockchain Analytics Should Be Used for Compliance – JD Supra May 19, 2022
  • LimeWire Signs Deal With Universal Music for Music NFT Licensing, Blockchain Gaming in Focus – CoinDesk May 18, 2022
  • SEC chair uses crypto enforcement in justification for FY2023 budget May 18, 2022
  • Blockchain defies a key UX tenet – hackernoon.com May 18, 2022
  • Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation – Geeks World Wide May 18, 2022
  • Today in FinTech: Bamba Snags $3.2M; Block Shifts Focus to Blockchain – PYMNTS.com May 18, 2022
  • Candidate supported by Bankman-Fried-linked PAC loses Oregon primary May 18, 2022
  • Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation – NewsBTC May 18, 2022
  • Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan May 18, 2022
  • Blockchain and SWIFT’s dominance in global finance – VentureBeat May 18, 2022
  • Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine? May 18, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com