California dismisses suit against Ripple

A motion tried to resume the path of the judicial process filed with the free software company

This Tuesday it was confirmed that a motion seeking to retake the case of the lawsuit where Ripple is accused of selling and offering securities that had not been presented before the law, was dismissed.

This attempt was made in California three months ago by investor Ryan Coffey, who claims to have acquired the cryptoactive XRP and lost his investment as a result.

The investor assured that Ripple Labs was responsible for this, considering that they offered a financial asset that did not have the necessary legislation to operate completely.

Coffrey alleged that the XRP does comply with the profiles of a financial asset, but on the other hand Ripple Labs would have hidden this in “cryptocurrency exchange houses“.

After conducting an investigation into the documents, the California Court stopped the plaintiff’s attempt to avoid the case from reaching the Federal Court.

The information presented in the social network Twitter ensured that this decision would have greatly benefited Ripple Labs, since the lawsuits in the Federal Court are more in favor of good defenses, something that the company would already be considering.

K. Tovar

Source: CoinGeeks

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