Home Finance A Class-Action Suit Against Ripple Brought Forth By XRP Investor Ryan Coffey...

A Class-Action Suit Against Ripple Brought Forth By XRP Investor Ryan Coffey Is Heading To Federal Court

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A judge decided to deny an attempt to keep a lawsuit against Ripple in California.

The case was brought forth by XRP investor Ryan Coffey who claimed that Ripple Labs and CEO Brad Garlinghouse have violated a few securities laws via the company’s sale of XRP.

It seems that Coffey tried to keep the case in California instead of having it tried in federal court. Now, the effort was eventually denied.

As expected, Ripple’s lawyers argued that the case should be dismissed to that it could be moved to federal court under the Class Action Fairness Act which allows federal courts to preside over some wide-ranging class-action lawsuits.

Ripple is hit by lawsuits connected to XRP’s legal classification 

We recently reported that Ripple may see another lawsuit connected to the legal classification of its crypto XRP.

It seems that Rosen Law firm is currently investigating whether Ripple Labs violated federal securities laws regarding its sale of XRP.

The New York-based firm says it “represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.”

The company also stated that it is preparing “a class action lawsuit to recover losses suffered by purchasers of Ripple’s XRP tokens.”

XRP was added to a virtual crypto ATM platform that’s installed at thousands of stores 

Other than this, Ripple is doing pretty great these days and its crypto XRP was just added to a virtual crypto ATM platform that’s installed at thousands of stores all over the world.

“It’s an exciting Monday! We’ve listed #Ripple, available for immediate purchase, via our OTC Private Brokerage Services business and our 21000+ retail locations in Australia, Europe, and Canada!” Netcoins announced.

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