Cryptocurrencies

Minor victory for Ripple in US securities lawsuit

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.

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.

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.