US Judge Denies Moving XRP Investor’s Lawsuit Against Ripple To Lower Court

Ripple has not been living its best time lately as many people are suing it over the utilities versus securities issue that the company has. According to the people who are suing the company, Ripple has been violating the federal securities laws concerning the sale of XRP tokens.

Recently, a US district judge has decided to deny the effort to move an investor lawsuit against the company to a lower court. The Judge Phyllis Hamilton of the Northern District of California has denied to the accuser Ryan Coffey a motion to remand his suit against the company after Ripple took the suit to the United States District Court level.

Coffey claimed that court cases under the Securities Act could not be removable from state court, however the judge noted that the precedents that Coffey used did not apply to the situation and that the XRP case and its nationwide nature.

The Argument For Ripple

Ripple uses the nationwide argument in other cases to move the location of trials. For instance, the case tried to remove the suit brought by investor Avner Greenwald to the Northern District of California instead of the Superior Court of San Mateo using the argument.

It has been also trying to file a motion to relate to both suits claiming that if these two cases proceed in separate, it might have to pay the burden for the crimes twice, so combining the two cases in one would be the best alternative.

It is clear that Ripple is moving forward to put together all these different cases to cut its losses in case it actually has to pay and to save money on legal fees. The plaintiffs will have to respond to the motions before it is decided whether the company will be able to do it or not.

Other Ripple Lawsuits

We have covered some other lawsuits. The company is definitely having some issues with that want to label its tokens as securities instead of utility tokens, something that could be very negative for the company and, if these individual lawsuits continue, they can certainly be expensive.

However, one Twitter user has recently highlighted that Apple suffers 20 times more lawsuits than Ripple and it is still doing just fine, so maybe Ripple has less to be afraid of than it looks. Curious to know how this case will develop? Follow our blog for updates on this case and many others.

One lawyer took to Twitter to offer his take on the Ripple Lawsuit and how it affects crypto in general:

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide