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Ripple, the start of the cryptocurrency behind the XRP tokens, and its defendants affiliated have filed documents to move a consolidated collective lawsuit to the federal court. According to CoinDesk, Ripple lawyers want the lawsuit to be moved from their previous headquarters at the San Mateo Superior Court to the US District Court in the Northern District of California.
In May, Ripple was accused of scamming hundreds of millions of dollars through unregistered XRP currencies. Plaintiff, Ryan Coffey, said the company created billions of XRP tokens "from nowhere" and took advantage of selling them and pushing them to the public in what the cause called "essentially an endless supply of initial coins" (ICO) ). .
Although Coffey eventually voluntarily rejected the case, the company was soon hit by further lawsuits related to securities fraud. This consolidated collective action combines the previous actions brought by plaintiffs Avner Greenwald, David Oconer and Vladi Zakinov. The defendants now include Ripple, his subsidiary XRP II and almost a dozen others.
In court documents published on November 7, Ripple's lawyers claimed that the consolidated case meets the requirements for filing a lawsuit before the federal court. They mentioned that there are more than 100 plaintiffs, of which at least one is a citizen of a different state than the defendants and the total amount reported for over $ 5 million.
In addition, the documents reveal the company's defense, writing: "The plaintiffs do not claim that they have no information about the nature of these transactions, but the plaintiffs claim they were hurt in some way because the Defendants would be required to register XRP as "security" at the Securities & Exchange Commission (SEC), but they did not do it ".
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