Ripple Labs rebuts XRP security class action lawsuit; moves to Federal Court

Ripple Labs, the parent company of the third largest cryptocurrency in the world, XRP has removed a lawsuit alleging XRP to be a security to the federal district court. Here, the attorney supporting the blockchain firm has retaliated over the allegation that Ripple did not register XRP as a security.

In addition, it was reported that Peter Morrison – the attorney – stated that the lawsuit comes under the periphery of the international cases as it is a consolidated class action, wherein an Israeli resident is also involved in the legal picture.

Utilizing the Class Action Fairness Act, Morrison pushed three points to back the removal of lawsuit. He mentioned that the lawsuit meets all the below requirements and stated:

“A putative class action may be removed to the appropriate federal district court if (1) the action purports to be a ‘class’ action brought on behalf of 100 or more members; (2) any member of a class of plaintiffs is a citizen of a state different from any…

Read Full Story : AMBCrypto

2018-11-09 19:00:16

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