• A lawsuit has been filed against Ripple, Brad Garlinghouse, and XRP II, LLC.
• The suit claims that the defendants violated federal and California securities laws.
• Ripple argues that XRP shouldn’t be labeled as a security.

Ripple Labs Inc., its CEO Brad Garlinghouse, and subsidiary XRP II, LLC, are confronting a class action lawsuit filed in the Northern District of California. 

Notably, the lawsuit alleges that the San Francisco-based fintech company violated federal and California securities laws by offering and selling the digital asset XRP without the necessary registration. 

“The lawsuit claims that persons or entities who purchased XRP during the class period (July 3, 2017 to June 30, 2023) have the right to recover (a) the consideration paid for the XRP, with interest, if they retained the XRP, less the current price of the XRP or upon tendering the XRP, or (b) damages if they sold the XRP at a loss,” said the lawsuit.

The plaintiffs contend that Ripple engaged in the unauthorized sale of XRP, bypassing registration requirements that have been mandated by both federal and state securities laws.

Additionally, the lawsuit seeks to represent…

The post Ripple, CEO Garlinghouse Face Lawsuit for Alleged Sale of Securities appeared first on Coin Edition.

• A lawsuit has been filed against Ripple, Brad Garlinghouse, and XRP II, LLC.
• The suit claims that the defendants violated federal and California securities laws.
• Ripple argues that XRP shouldn’t be labeled as a security.

Ripple Labs Inc., its CEO Brad Garlinghouse, and subsidiary XRP II, LLC, are confronting a class action lawsuit filed in the Northern District of California. 

Notably, the lawsuit alleges that the San Francisco-based fintech company violated federal and California securities laws by offering and selling the digital asset XRP without the necessary registration. 

“The lawsuit claims that persons or entities who purchased XRP during the class period (July 3, 2017 to June 30, 2023) have the right to recover (a) the consideration paid for the XRP, with interest, if they retained the XRP, less the current price of the XRP or upon tendering the XRP, or (b) damages if they sold the XRP at a loss,” said the lawsuit.

The plaintiffs contend that Ripple engaged in the unauthorized sale of XRP, bypassing registration requirements that have been mandated by both federal and state securities laws.

Additionally, the lawsuit seeks to represent…

The post Ripple, CEO Garlinghouse Face Lawsuit for Alleged Sale of Securities appeared first on Coin Edition.