California Court Rules in Favor of Ripple against XRP Investor

California Court Rules in Favor of Ripple against XRP Investor

The case alleged that Ripple used dishonest and illegal tactics to control the price of XRP.

This May, news came out that Ryan Coffey, an XRP investor, filed a lawsuit against Ripple. Coffey is seeking compensation for all who invested in XRP. According to the suit, the plaintiff is claiming that Ripple defrauded its investors in numerous ways: by using media sensationalism to manipulate its token value, by being vague on the question of whether XRP is a security, and by claiming it is fully decentralized when it is not.

Just this week, the San Francisco County Superior Court has decided in favor of Ripple by denying Coffey’s motion to remand.

Based on the foregoing, plaintiff’s motion to remand is DENIED.

Phyllis J. Hamilton, United States District Judge

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