Ripple coins. (Photo: Shutterstock)
The suit, brought under the California Corporations Code on behalf of a proposed class of California purchasers, seems designed to avoid the fate of a previously filed suit against Ripple which was removed to federal court this week.
June 07, 2018 at 05:34 PM
1 minute read
Editor/columnist
The original version of this story was published on The Recorder
Ripple Labs Inc. has been hit with another lawsuit in state court in California claiming the fintech company’s XRP digital tokens, or “Ripples,” should be registered as securities under the state’s Corporations Code.
The lawsuit, which also names Ripple subsidiary XRP II LLC and CEO Bradley Garlinghouse as defendants, claims the company has intentionally “conflated the value of XRP with its other software efforts” to pump up the value of the tokens.
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