Lawsuit Against Ripple Thrown Out as Court Denies Plaintiff’s Motion to Remand
HomeCryptocurrency NewsBitcoinist.com

Lawsuit Against Ripple Thrown Out as Court Denies Plaintiff’s Motion to Remand

Ripple can breathe a little easier after an XRP investor’s case was dismissed. The case alleged that Ripple used dishonest and illegal tact...

Without a Digital Currency, Sweden Faces the Privatization of Money
BCH Hard Fork: Bitcoin SV Winning ‘Hash War’ Against Bitcoin ABC
Bitcoin ATMs Have Spread to 4,000 Locations Globally

Ripple can breathe a little easier after an XRP investor’s case was dismissed. The case alleged that Ripple used dishonest and illegal tactics to control the price of XRP. 


To Be or Not to be a Security?

Yesterday the US Northern District of California court denied a remand application for a lawsuit filed against Ripple Labs Inc. by issuing an ‘Order Denying Motion to Remand.’ The case was originally brought forth by XRP investor Ryan Coffey in a San Francisco court on May 3rd, 2018, and his application for a remand was essentially an attempt to keep the case in California lower courts rather than have the case decided in Federal courts.

Coffey sought damages for financial losses accrued from investing in XRP. The lawsuit was based on the premise that Ripple manipulated XRP value through the constant issuance of salacious and sensational media promotion of the cryptocurrency, while also turning a blind eye to the California Corporations Code and “obscuring the role of the security.”

 

Coffey sought damages for financial losses accrued from investing in XRP.

The plaintiff and lawsuit also accuse Ripple CEO, Brad Garlinghouse, of misleading investors through his explanation of how Ripple products and XRP are used to “Market and increase the value of XRP.” The plaintiff further argued that Ripple and the XRP product are not truly decentralized and asserts that Ripple may have violated federal securities laws through the sale of XRP tokens.

Ripple Effect

After considering each side, the court issued the following statement:

[W]hen an anti-removal provision such as Section 22(a) is invoked, the threshold question is whether removal is being effectuated by way of the general removal statute, 28 U.S.C § 1441(a), or by way of a seperate removal provision that “grants additional removal jurisdiction in a class of cases which would not otherwise be removable under the prior grant of authority.” If removal is being effectuated through a provision [like § 1453,] that confers additional removal jurisdiction, and that provision contains no exception for non removable federal claims, the provision should be given full effect.

Afterward, the court ruled in favor of the defendants. The order read:

Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion,”

Ripple is no stranger to lawsuits as there are already two lawsuits being handled in the federal courts.

No Stranger to Controversy

Ripple is no stranger to lawsuits as there are already two lawsuits being handled in the federal courts. It’s plausible that Coffey and the Rosen Law Firm sought to keep the case in California as a federal court decision that is favorable to Ripple would possible set a nationwide precedent and invalidate similar cases being considered in the lower courts.

Do you think XRP should be classified as a security or not? Share your thoughts below!


Images courtesy of Shutterstock

The post Lawsuit Against Ripple Thrown Out as Court Denies Plaintiff’s Motion to Remand appeared first on Bitcoinist.com.



from Bitcoinist.com https://ift.tt/2vG6pqF
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Lawsuit Against Ripple Thrown Out as Court Denies Plaintiff’s Motion to Remand
Lawsuit Against Ripple Thrown Out as Court Denies Plaintiff’s Motion to Remand
https://bitcoinist.com/wp-content/uploads/2018/08/1200px-Fort_bend_courthouse-640x400.jpg
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/08/lawsuit-against-ripple-thrown-out-as.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/08/lawsuit-against-ripple-thrown-out-as.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy