Another lawsuit has been filed against Ripple and its CEO Brad Garlinghouse.They are accused of violating theUS Securities Law. It is reported by Cointelegraph.
Legal action filed by Bitcoin ManipulationAbatement LLC to the U.S. Federal District Court. According to documents, Ripple and its CEO are accused of selling unregistered securities worth more than a billion dollars:
“The defendants made a lot of false and misleading statements regarding the XRP, which violated California securities laws.”
Ripple was also accused of violating advertising laws. According to the plaintiff, investors were deceived in order to increase demand for XRP, as well as increase profits from the sale of cryptocurrencies.
With the help of the Bitcoin Manipulation lawsuit, Abatement LLC intends to "compensate for the damages" caused to XRP investors.It is not specified what losses the plaintiff incurred.
It is possible that a legal entity is hidingjudicial "trolls". In November 2019, the same company sued the FTX crypto derivatives exchange. The plaintiff intended to sue the platform for $ 150 million, but a month later withdrew his lawsuit.
Earlier, a court in the Northern District of California refused to convict Ripple of violating advertising laws.
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