A federal judge in Oakland, California has dismissed Ripple’s attempt to stop the lawsuit against the company from going forward. Possibly a very damaging decision for Ripple that can affect its operations and future of XRP.
The judge has narrowed the claims against Ripple but left largely intact the main complaint by plaintiffs accusing the company of selling unregistered securities. The investors claimed they lost money after selling their digital tokens (XRP) because they were lured by Ripple’s promotional statements.
The court disagreed with Ripple’s argument that the lawsuit wasn’t timely filed by the plaintiff as it appeared more than five years after XRP was offered in for sale back in 2013. The judge stated that Ripple’s argument in regard to the statute of repose is persuasive however, under federal law it does not prevent the lawsuit itself from proceeding further.
On the positive side for Ripple U.S. District Judge Phyllis Hamilton dismissed several claims that Ripple made false statements under California law.
“Based on the plaintiff’s complaint and the judicially noticeable facts proffered, the court cannot conclude that defendants’ first bona fide public offer to sell XRP occurred before August 5, 2016,” she said.
It is yet unknown what steps will be taken by Ripple now, as its representatives didn’t immediately provide any comment on the ruling.
Image source: Flickr
A Complete Overview of Cryptocurrency Cloud Mining Platform – TopHash
9 Out of Every 10 Central Banks Around the World are Exploring CBDCs, Ripple Reports
XRP Is On Its Way to a Strong Comeback as Coin’s Rising Trading Volume Shows Growing Investor Interest
Research Uncovers Why XRP Is Japan’s Most Favored Cryptocurrency
XRP Falls to $0.47, as the SEC Strikes Back at Ripple
Recent Press Release
CGMD Miner’s Low-Cost Coin Mining : Spend Less, Earn More!
As more players enter the cryptocurrency space, mining becomes more complex and requires more computing power. As a result, many...
Will Arbitrum Reach $1? ARB Struggles, SPCT Offers Better Prospects
As the crypto market recovers from Bitcoin’s (BTC) recent crash, Arbitrum (ARB) is enhancing its network capabilities to improve its...
Cardano (ADA) Lags, Analysts Predict VC Spectra (SPCT) Will Outpace it
Cardano’s (ADA) price has suffered despite the launch of Cardano’s Project Catalyst Testnet on August 25. Even when the news...
SUI and Hedera (HBAR) Slump Ahead of Token Unlocks, VC Spectra (SPCT) Gains Users
Token unlocks in crypto are typically bearish signs due to basic supply and demand. Analysts will keenly observe how Sui...
While Polkadot (DOT) Pauses, VC Spectra (SPCT) Offers a 220% Potential Upside!
VC Spectra (SPCT), a rising blockchain for investments and asset management, has grown considerably in its ongoing presale. Meanwhile, Polkadot...