ADVERTISEMENT
NewsLogical
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • Finance
  • XRP News
  • Price Analysis
  • Coin Guide
  • About Us
    • Contact Us
    • Team
    • Privacy Policy
    • Editorial Policy
    • Write for Us
No Result
View All Result
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • Finance
  • XRP News
  • Price Analysis
  • Coin Guide
  • About Us
    • Contact Us
    • Team
    • Privacy Policy
    • Editorial Policy
    • Write for Us
No Result
View All Result
NewsLogical
No Result
View All Result
Home Altcoins

Ripple Moves to Settle Prolonged Fraud Consolidated Lawsuit

by Oliver Green
August 24, 2020
in Altcoins, Bitcoin, Crypto Interviews
0
Over 200 Customers Milestone Reached, As 5 New Customers Sign Up For Ripple's xRapid
0
SHARES
748
VIEWS
Share on FacebookShare on Twitter

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.

No Result
View All Result

Highlights

Elon Musk Loaded Up In Dogecoin before Pumping Bitcoin – Peter Schiff

Crypto Investor Explains Why Cardano will Soon Topple Ethereum

Cardano’s IOHK Rebrands, Enters Final Stages of a Large Government Contract

Analyst Explains why Bitcoin Price Could Crash to $6,400

Online Search for “Dogecoin” Surpasses “Bitcoin” in United States

PayPal Q4 Earnings Report Shows Users More Active after Buying Cryptocurrencies


NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

Email: info@newslogical.com

Read More.

Dislciamer


Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

Read More.

About us

  • About
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Privacy Policy
  • Team
  • Write for Us
No Result
View All Result
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • XRP News
  • Price Analysis
  • Coin Guide
  • About
    • Team
    • Editorial Policy
    • Privacy Policy
    • Write for Us