The US federal court denies the movement to Remand Against Ripple

The US District Court, Northern District of California, has decided to deny a precautionary motion against Ripple, its subsidiary XRP II and Ripple CEO Brad Garlinghouse, according to an official document issued on August 10 [19659002] The original lawsuit was first launched by XRP investor Ryan Coffey in a San Francisco court on May 3, 2018, claiming to have lost $ 551.89 during XRP tokens trading. The collective action was filed by Taylor-Copeland law firm, according to which Ripple sold XRP tokens in violation of both the United States and the Securities Act and the California Corporations Code. The actor also claimed that ; XRP is not really decentralized.

According to court documents, the plaintiff did not demonstrate whether the presence of a securities issue was sufficient to prevent the defendant from removing an action under the Class Action Fairness Act. court found that "The parties candidly admit that their research failed to resolve any case by directly addressing this question and the court's search did not go any better."

The actor was looking for a "termination of all XRP purchases", damages and constructive trust on the proceeds of the alleged XRP sales of the defendants.

At the time the lawsuit was filed, David Silver, a member of the Silver Miller law firm, commented to Cointelegraph that "lawsuits like this are simply private litigants that test the legitimacy of these companies," stating that this will bring greater judicial clarity.

A Ripple spokeswoman said that at the time of the complaint, the SEC had not yet decided whether XRP was a security. He said: "We continue to believe that XRP should not be classified as security."

At the beginning of June, Ripple appointed former US Securities and Exchange Commission (SEC) president Mary Jo White as the representative in the collective action presented. Recently, Ripple published the 2018 second quarter report for its digital assets, claiming that the price of the XRP token was in line with the general trend of cryptographic markets, that "[underscores] the independence of the XRP from Ripple." [19659009] window.fbAsyncInit = function () {FB.init ({appId: & # 39; 1922752334671725 & # 39 ;, xfbml: true, version: & # 39; v2.9 & # 39;}); FB.AppEvents.logPageView ();}; (function (d, s, id) {var js, fjs = d.getElementsByTagName (s) [0]; if (d.getElementById (id)) {return;} js = d.createElement (s); js.id = id; js.src = "http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore (js, fjs);} (document, & # 39; script & # 39 ;, & # 39; facebook-jssdk & # 39;)); Source link