Court for the Northern district of California dismissed a class action lawsuit, illiteracy filed by investor Ryan Coffey vs Ripple Labs Inc. on behalf of all the people who bought XRP tokens after 1 January 2013. The company was accused of illegal manipulation of the price of XRP.
Coffey said constant injection company Ripple Labs hype in the media, disregard of the corporate code of California and endangerment.
Also, the plaintiff accuses the head Ripple Delirium Garlinghouse in the introduction of investors in error, and the company inadequate decentralization token XRP. Coffey believes that Ripple could violate several Federal laws in the process of selling XRP tokens.
“After a careful study of the papers submitted by the parties, their application and legal authority, the court denies plaintiff’s motion”, — stated in the court order.
Probably Coffey and representing his law firm will not file an appeal in Federal court because it could set a precedent by excluding the possibility of filing similar lawsuits in the courts of first instance.
Recall that after the largest bitcoin digital currency, Ethereum, and Ripple could be released in violation of U.S. law in the field of securities, in late April, said the former Chairman of the Commission on urgent exchange trade of the USA (CFTC) Gary Gensler.
We would add that a senior representative of the Commission on securities and exchange Commission (SEC) William Hinman later stated that his Department has no plans to classify Ethereum and bitcoin as securities.
Earlier, similar lawsuits filed against Ripple David and Vladi Oconer of Sakinaw.