The prolonged consolidated lawsuit filed against the Ripple Network, being heard in the US states of California may be settled soon.
The court case began in November 2018 with the plaintiffs led by Bradley Sostack accusing Ripple Network and its CEO Brad GarlingHouse of fraud, deception,, and refusing to register the XRP token sale in accordance with the US securities Acts.
Although the Ripple Blockchain has been facing several lawsuits over the past few months, the court hearing of the case filed by Simmons against Ripple Lab Inc started in New York in March and had been transferred to California shortly afterward.
However, a joint motion was also filed by Sostack on the 6th of August to consolidate the Simmons case. But after the motion was granted on August 21, the judge in charge took note of a motion to dismiss the fraud allegation moved by Ripple.
Ripple had earlier filed a motion to dismiss three out of the seven-count charges filed against it. The three charges being prayed by Ripple to be dismissed as gathered by NewsLogical, were charges alleging the network of fraud.
The Ripple’s attorneys stated in the motion that the plaintiff led by Bradley Sostack have failed to provide proven evidence to show how Ripple’s employees and its CEO had perpetrated fraudulent acts, howbeit, in a document, it was stated that the judge has taken the fraud allegation under submission which implies that decisions will soon be reached as the Judge will be thinking about the case to reach a timely decision.
However, if it was necessary for an oral argument, the court would notify both parties, but there has been no movement recorded to have addressed the allegations filed against Ripple for selling XRP as an unregistered security.
With the next court hearing being scheduled to hold on the 26th of August, it is important to mention that irrespective of the judge’s decision on Ripple’s request, the tenor of the charges which capitalized on whether XRP is a security and if the Ripple Blockchain would have to apply for the permission to sell XRP, might likely not be resolved anytime soon.
