The plaintiff in the alleged XRP class action is a British citizen, David L. Harrison. David Harrison filed the lawsuit on behalf of himself and others who purchased XRP tokens before January 4th, 2018. He alleges that Ripple Labs Inc., Ripple (company) and other defendants violated various securities and commodities laws and regulations in connection with their sale of XRP to him. David claims that Ripple violated U.S. securities laws by not registering the sale of XRP as a security, despite it being an investment of money, susceptible to being converted into a traditional security interest at any time, with an expectation of profit from the investment or from use or resale of the token The plaintiff in the alleged Ripple class action is a shareholder in Ripple. The plaintiffs of this lawsuit are shareholders in the company, and they allege that the company has violated Securities Exchange Act of 1934. The lawsuit is filed against Ripple and XRP II (Ripple’s main holding company). The suit alleges that the defendants violated anti-trust, violated California’s Unfair Competition Law, and engaged in false advertising.
The plaintiff is the individual or corporation that initiates a lawsuit. In this case, the plaintiff is named Ryan Coffey and his lawyers for the lawsuit are Lieff Cabraser Heimann & Bernstein. The XRP class action lawsuit is another example of Ripple’s ongoing legal battles. Ripple lawsuit, the company that created the blockchain-based cryptocurrency XRP, has been sued by an investor on allegations of securities fraud. The plaintiff is said to be a New York resident and filed the case on May 22. The exact details of the case are not yet clear but some experts believe that it is because Ripple failed to register as a security with regulatory authorities like Securities and Exchange Commission (SEC). The Ripple company is facing a class-action lawsuit filed in California.
The plaintiff in this case is Ryan Coffey, who bought XRP tokens in January 2018. He alleges that Ripple violated state law by making “unlawful, misleading and deceptive statements” when they were advertising XRP through different channels. The plaintiff Ryan Coffey’s goal in this case is to be compensated for the losses he incurred because of these alleged unlawful, misleading and deceptive statements. Ryan was one of the investors who spotted the Ripple price surge back in May 2017 and decided to purchase XRP tokens. In May 2017, when he noticed that XRP prices were surging, he invested $4,000 into it and then began to hold on to his investment for a long term period expecting it to recover from its downtrends. When the value of his investment dropped by half in December 2017, he filed a lawsuit against Ripple Labs for violation of securities laws under federal court alleging that they had deliberately suppressed the price of XRP tokens by locking up 55 billion tokens until 2020.
