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.