A class action lawsuit against Ripple and affiliated subsidiaries and individuals must remain in federal court, US District Judge Phyllis Hamilton, of the Northern District of California, has ruled.
It’s a minor but meaningful victory for the company, according to Kobre Kim attorney Jake Chervinsky.
Ripple securities class action update: The Court has denied the plaintiffs' motions to remand. This means the case stays in federal court, a minor but meaningful victory for Ripple.
The plaintiffs will file an Amended Consolidated Complaint by March 30.https://t.co/4gdQVaCrlM
— Jake Chervinsky (@jchervinsky) March 1, 2019
The plaintiffs in the case claim that Ripple issued its XRP cryptocurrency as an unregistered securities offering, something which Ripple denies. Defendants include Ripple Labs, its subsidiary XRP II, and CEO Brad Garlinghouse.
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