Ripple’s CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, have addressed the rumors surrounding the XRP case in a recent statement. They clarified the misinformation surrounding a class-action lawsuit filed against XRP.
Garlinghouse emphasized that the recent decision by a judge in California was a significant victory for Ripple, as all class action claims in the case were dismissed. He also highlighted that the decision did not change the fact that XRP is not considered a security, as confirmed by the New York Court ruling. The California ruling rejected claims that Ripple violated federal securities law by selling XRP.
Regarding the remaining state law claim scheduled for trial, Garlinghouse clarified that the sole plaintiff did not directly purchase XRP from Ripple and could not confirm whether they were even aware of the disclosure before making the transaction. The plaintiff only held a small amount of XRP. Garlinghouse referred to this case as an example of trolls attempting to exploit the U.S. legal system and manipulate testimony for class-action settlements worth millions of dollars.
Garlinghouse concluded by standing by his previous statements and expressing his readiness to shed light on the issue during the hearing.
Stuart Alderoty also commented on the matter, reiterating that the California judge dismissed all claims suggesting that Ripple violated federal securities law. He confirmed that the ruling in New York, which determined that XRP is not a security, remains unchanged.
Alderoty stated that a state law claim based on a 2017 statement will proceed to trial. The plaintiff, who did not directly purchase XRP from Ripple, allegedly incurred a loss of a few hundred dollars and could not confirm awareness of the statement before trading.
Please note that this article does not provide investment advice.