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Ripple Succeed To Move Securities Lawsuit To US Federal Court

18:56 12/11/2018

Ripple Labs petition to transfer the claim regarding the legal status of the XRP token to the US federal court was approved, CCN reports.

 

Ripple argued that the collective accusations cannot be considered within the jurisdiction of one state because the investors are residents of the several states. Peter Morrison, a lawyer that represents the interests of Ripple Labs, considers the transfer as a fully justified action, since the funds appearing in the lawsuit exceed the sum of $5 million, and there are about a hundred people among the applicants.

 

Jake Chervinsky, the law company Kobre & Kim representative, wrote in his Twitter account that the Ripple team had the brilliant tactic. He noted that the attempt may be unsuccessful but the company already has made a deft move to reach the level of a federal consideration.

Ripple Labs may hope for higher chances of a positive outcome when considered in federal court. If the judges recognize the victory for the company, it will allow to determine the legal features of the XRP coins, Chervinsky stressed.

 

The litigation against the Ripple Labs started in May 2018. The investor who lost his funds has filed a collective lawsuit. In the following months, two more people went to court with similar charges. In August 2018, the first lawsuit was withdrawn by the author, and the remaining two were merged into one case by the court of California.

Earlier it was reported that a former Google employee Amir Sarhangi held the position of vice president of Ripple products.

 

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