Musiccosmos

The U.S. District Court, Northern District of California has ruled to deny a motion to remand against Ripple , its subsidiary XRP II, and Ripple CEO Brad Garlinghouse , according to an official document issued August 10. The original lawsuit was first initiated by XRP investor Ryan Coffey in a San Francisco court on May 3, 2018, claiming that he lost $551.89 while trading XRP tokens. The class action was filed by law firm Taylor-Copeland, alleging that Ripple sold XRP tokens in violation of both the U.S. the Securities Act and the California Corporations Code. The plaintiff also claimed that XRP is not genuinely decentralized . According to court documents, the plaintiff failed to show whether the presence of a Securities Act issue was sufficient to bar the defendant from removing an action under the Class Action Fairness Act . In the ruling the court found that, “The parties candidly admit that their research failed to turn up any case directly addressing this question and...