The post Ripple CLO Breaks Silence On New XRP Security Lawsuit appeared on BitcoinEthereumNews.com.

Stuart Alderoty, Ripple CLO has broken the silence on a new XRP securities lawsuit causing a stir in the community. The legal veteran claims that the California judge who presided over a controversial Ripple case dismissed all allegations suggesting that the blockchain payment platform violated federal securities law. Lawsuit Against Ripple CEO Proceed to Trial  On Thursday, Judge Phyllis Hamilton of the U.S. District Court for the Northern District of California approved a new civil lawsuit against Ripple to proceed to trial. She partly denied the crypto firm’s motion for summary judgment in a suit that accused Brad Garlinghouse Ripple’s CEO of violating state securities laws in 2017. Judge Hamilton aims to find out if Garlinghouse made “misleading statements” that were connected with the sale of securities in a 2017 televised interview. However, the other four claims in the class action outlined in the securities lawsuit were dismissed by the judge. The tossed out claims includes the so-called “failure to register claims”. To the decision of Judge Hamilton including the one individual state law claim that will proceed to trial, Alderoty noted that it will be dealt with at appropriately. One state law claim, based on a 2017 statement, is going to trial. The plaintiff — who didn’t buy directly from Ripple and can’t say if he even heard the statement before he traded — allegedly lost a couple hundred $. We look forward to that cross examination. 2/2 — Stuart Alderoty (@s_alderoty) June 21, 2024 The allegations against Garlinghouse states that he violated California’s securities laws by professing to be “very, very long XRP.” At the same time, he was selling “millions of XRP on various cryptocurrency exchanges” throughout 2017. On the other hand, Ripple’s lawyers do not think that the claim should stand considering that XRP does not…

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Filed under: News - @ June 22, 2024 3:26 am