The lawsuit against the crypto startup Ripple will remain in the court of federal subordination, lawyer Jake Chervinsky writes in his Twitter with reference to the new decision.
“The court rejected the complainants’ application to transfer the case to the initial instance. This means that the case will remain in federal court. A small but significant win for Ripple, ” - he said.
The judge explained his decision as follows: “Since interstate group claims usually involve more people and more money than any other type of lawsuits, the board is confident that such cases fall under federal jurisdiction.”
The organizers of the claim claim that XRP is a security that Ripple is illegally distributing. Ripple Labs, XRP II, CEO Brad Garlinghaus, and a number of other individuals associated with the company appear as respondents. It was originally issued by Taylor-Copeland law firm last May in the interests of plaintiff Ryan Coffey, who bought 650 XRP on January 5 and sold them on January 18 for USDT, which they then brought in US dollars, losing $ 551.89 for these operations.
Anderson Kill partner Stephen Palley earlier explained that corporate defendants in such cases are more likely to succeed in federal courts, since at the local level, judges are more likely to show sympathy with claimants from their own region.
