XRP Coin Investor Lawsuit Update: Case Dropped Against Ripple Labs, Inc.

    Update: The XRP Investor Drops The Lawsuit Case against Ripple Labs, Inc.

    Ripple Inc. has survived yet another lawsuit. The reports that Ryan Coffery, the plaintiff, had taken back the filed lawsuit against Ripple Labs, Inc. will come as win to the Ripple community and investors as well. However, the price of XRP remains in a downward spiral despite the encouraging news on its affiliate parent firm.

    This Wednesday, 22nd August 2018, the United States District Court of California issued its statement on the long standing case between Ryan Coffer and Ripple Labs Inc., XRP II, LLC and its CEO and Co-founder Brad Garlinghouse. Ryan dropped his filed charges against Ripple offering no viable explanation for the decision this Wednesday. This comes days after the court ruled over the filed petition of Ryan over Ripple Labs Inc. on August 10th 2018.

    XRP Investor Files A Motion Against Ripple Labs, Inc.

    The plaintiff, Ryan Coffer, filed a motion back in May claiming the defendants were dealing in a “never-ending ICO” as the XRP tokens were fully generated even before distribution of the tokens began. The case which has caught the ears and eyes of most cryptocurrency enthusiasts, further stated that Ripple were focusing on “how to create, maintain and increase the value of XRP” instead of working towards the development of the network.

    The plaintiff (Ryan) further demanded compensation for the losses faced in his investments in XRP and damages from the investment. Furthermore, Ryan, represented by Rosen law Firm, demanded that XRP must be regulated by the California Corporations Code.

    The Case Is Dropped

    On August 1st 2018, Ryan filed a remand on the defendant. Representing the plaintiff in question was James Taylor-Copeland as their counsel, while the defendants were represented by their respective counsel, Peter Morrison. The court issued a ruling 9 days later on August 10th in favour of the defendant with the anti-removal provision act section 22 coming into play in the decision. The final statement from the court 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.”

    Earlier this week, Ryan voluntarily dropped the case against Ripple Labs, Inc. for reasons unknown as the case was dismissed by the U.S. District Court of California. The final verdict on the landmark case read,

    “NOTICE IS HEREBY GIVEN that pursuant to Fed. R. Civ. P. 41(a)(1)(A)(i), named-plaintiff Ryan Coffey (“plaintiff”), by and through his counsel, voluntarily dismisses without prejudice the above-captioned action (the “Action”). This notice of dismissal is being filed with the Court before service by Defendant of either an answer or a motion for summary judgment. Plaintiff has not been offered and is not receiving any consideration for dismissing the Action.”

    However the Ripple community choose to look at it, a win is a win. And no matter how small or big the case seems, Ripple Labs, Inc. will appreciate the verdict compared to a different outcome of the verdict.

    Get Free Email Updates!

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

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Ethereum (ETH) Price Analysis (February 26)

    • Price now falling towards the support level. • Sellers working hard to invalidate the bullish pattern. ETH/USD Medium-term Trend: Bullish • Resistance levels : $260, $270,...

    Chainlink To Launch Its First Oracles Outside Ethereum on Polkadot Blockchain

    Chainlink’s oracles have become a popular solution for Ethereum based DeFi’s as blockchain innovators seek to integrate their smart contracts with external data for...

    New Zealand Aims To Abolish Cryptocurrency Sales Tax While Income Tax Would Remain

    Quick Read: The New Zealand Inland Revenue Department is calling for a revision of current Goods and Services Tax laws that are unfavorable to...

    Is A Fed-Controlled Digital Dollar A ‘Win' For the Public; Will it Pave Way For Faster Payments?

    A digital dollar means Fed will be “free to impose negative nominal interest rates on all dollar-holders,” and privacy concerns - Lawrence H....

    Revolut Crypto Investing App Valuated at $5.5 Billion After New $500M Funding Round

    The UK-based digital bank Revolut is now valued at $5.5 billion, after raising $500 million in its latest series D funding round. Raising a...

    Bitcoin Becoming A “Currency of Choice” Will Push BTC Price Up 2,500% – Tim Draper

    Bitcoin correction may end up being more than that but we're in for an interesting ride Tim Draper still holding to his prediction...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.