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Media: Investor filed a collective lawsuit against Ripple

This is a violation of the Federal securities law.

05.May.18 6:42 AM
By Jeff Bannister


Media: Investor filed a collective lawsuit against Ripple
According to media reports, the investor filed a collective lawsuit against Ripple. In particular, according to, one of the XRP investors accused Ripple of violating the federal securities law, as well as the laws of the state of California, when launching a public sale of tokens.

It is known that the CEO of Ripple Brad Garlinghouse acts as a defendant in this matter.

In turn, the plaintiff says that Ripple conducted an "infinite ICO," which should be classified as the sale of securities by the provisions of the current legislation.

The lawsuit notes that the defendants received considerable profits in this case, while to raise demand for XRP and increase profits from its sale, Ripple Labs permanently positioned XRP as a good investment, voiced optimistic forecasts about its price.

It is worth noting that the primary plaintiff is Ryan Coffey, who lost in aggregate 551 dollars or 32 percent of his investments in the token.

Earlier we wrote that in the course of the study it was possible to establish that US companies have little interest in the detachment. But at the same time, the leaders of almost all large companies are following the news of this sphere.

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