12
Nov
2018

Class Action Suit against Ripple Moves to Federal Court

CoinDesk

 Share  print   Print

Attorneys for Ripple Labs and co-defendants filed to move a consolidated class-action lawsuit from the San Mateo Superior Court to the U.S. District Court, Northern District of California. Plaintiffs allege that by selling XRP tokens Ripple is selling unregistered securities. CoinDesk reports:

Ripple’s attorneys argue that, under the U.S. Class Action Fairness Act (CAFA), the case can now be
shifted to federal court. Specifically, they cite the fact that there are more than 100 members of the
suing class, at least one plaintiff is a citizen of a different state than the defendants and the total amount
being sued for exceeds $5 million.

In the article, Anderson Kill's Stephen Palley, explains: "Simply the act of seeking to move the case to district court means the case is now before that federal court."

Palley further told CoinDesk that plaintiffs can try to move the case back before a state-level court by filing a motion to remand. 

Read more:  Class Action Suit against Ripple Moves to Federal Court

Related People

- Blockchain and Virtual Currency Attorney | Anderson Kill P.C.
Partner
Washington, DC

Related Industry Teams

Related Practice Areas