Plaintiffs in the case against Ripple Labs have made few changes to their original<a href="https://s3.cointelegraph.com/storage/uploads/view/152a540830d2b10f0536fb63df9b1d50.pdf?_ga=2.155580027.1150410632.1585302483-1952101752.1582286494"> complaints</a>. The two-year-old lawsuit against the company looks set to be extended and pile up more pressure on Brad Garlinghouse, the CEO of Ripple.

The modified lawsuit stresses further on the role of Brad Garlinghouse in misleading the XRP community. It emphasized that Garlinghouse deceived its people by stating that he's holding on to the tokens. Still, In reality, he was busy selling them off in exchange for fiat and other cryptocurrencies.

The complaint states that the CEO, when out in public appears as an ardent fan of investing in XRP, and in an interview on December 14,2017 states that he's hell-bent on the coin and its part of his personal balance sheet. But the complaint begs to differ and says that
<blockquote>"Rather, he [Garlinghouse] was dumping XRP on retail investors in exchange for dollars and other cryptocurrencies. Defendants had exclusive or superior knowledge of material information regarding Garlinghouse's XRP sales, but omitted it from their representations to investors . . . Accordingly, Garlinghouse's statement was a misrepresentation and omission of material fact to investors."</blockquote>
<h2>Ripple Labs Accused of Generating Revenue By Selling XRP</h2>
The primary point plaintiffs make against Ripple is that it utilizes XRP token as a utilitarian tool in order to expand the business. Thy claim that the company has no other way to generate revenue except the sale of XRP and it doesn't utilize the revenue generated for any other productive purpose. Ripple denies these claims categorically and maintains its stance that it has always been very open about it's the use of XRP.

A federal judge in February found some claims by plaintiffs as baseless but still allowed the lawsuit to continue. This led to this new modified lawsuit to come to the forefront.

The new lawsuit by plaintiffs is a sign that they are not backing down no matter how long it takes and this is not good signs for Ripple Labs, and it's CEO Brad Garlinghouse.

You May Also Read.
<ul>
 	<li style="font-weight: 400"><a href="https://www.cryptoknowmics.com/news/ripple-donating-200000-to-fight-with-coronavirus-pandemic/">Ripple Donating $200,000 to Fight With Coronavirus Pandemic</a></li>
 	<li style="font-weight: 400"><a href="https://www.cryptoknowmics.com/news/youtube-scam-fakes-xrp-airdrop-after-impersonating-ripple-ceo/">Youtube Scam Fakes XRP Airdrop After Impersonating Ripple CEO</a></li>
 	<li style="font-weight: 400"><a href="https://www.cryptoknowmics.com/news/xrps-long-term-prospect-looks-neither-bullish-nor-bearish-but-sideways/">XRP's long term prospect looks neither bullish nor bearish but sideways</a></li>
</ul>

Plaintiffs Presents Its Modified Lawsuit Against Ripple Labs

Plaintiffs has filed a modified complaint against Ripple Labs in their two-year-long lawsuit against the company and its CEO Brad Garlinghouse.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Plaintiffs Presents Its Modified Lawsuit Against Ripple Labs

Top Picks