Ripple Update: Plaintiff withdraws a collective legal action


On August 22nd, the California District Court of the United States issued a statement stating that the actor Ryan Coffey has voluntarily withdrawn the lawsuit against Ripple Labs, Inc., XRP II, LLC, a & Ripple antenna, and Brad Garlinghouse, CEO of Ripple at the start of this year.

The Ryan Coffey case has been "talking about the city" for a long time now. He initially filed the case on May 3, 2018, claiming that the XRP tokens were generated completely before the start of the distribution. The plaintiff then continued to accuse him as an "interminable ICO".

The case demanded the salary for the plaintiff, assigning him the damages caused by the investment in XRP. It also required that the XRP be subject to the California Corporation Code. According to the Class Action Fairness Act, the defendants were able to remove the class action brought against them

However, on 1 August, the plaintiff filed a motion for indictment. On 10 August, the motion presented by him was judged by the court. The order of the court said:

"Having read the documents filed by the parties and carefully considering their arguments and the relevant legal authority, and the good cause that appears, the court hereby declares the request of plaintiff. "

Recent developments in the case reveal that plaintiff Ryan Coffey has voluntarily withdrawn the case, reasons for which they are unknown. The court officially dismissed the case as intended by the statement, which stated:

"THE COMMUNICATION IS HERE RECEIVED that according to the Fed. R. Civ. P. 41 (a) (1) (A ) (i), Plaintiff Ryan Coffey ("Plaintiff"), from and through his attorney, voluntarily rejects the above-mentioned action ("Share") without prejudice. This notice of dismissal was filed with the Court before of the Service by the Respondent of a response or motion of summary judgment The plaintiff has not been offered and receives no consideration for rejecting the action. "

The Twitter user Jeff has tweeted:

"Aw. I think a sentence would have been better."

Dr. RedsoXRP at Twitterati commented:

"In due course, however, Coffey is the" headliner "case and now chooses to finish the process says a lot." A victory is a victory is a victory. how big or small. "

Ripple has been in the news lately for several other reasons. In a recent session Ask Me Anything [AMA] David Schwartz [CTO of Ripple] spoke about the status of XRP as security, Bitcoin [BTC] and the future of Ripple and XRP.

During his session, he also talked about Ripple products, especially xRapid. He also clarified the questions about the transfer of value via XRP.

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