Ripple is asking the court for charges against it to be dropped as they have not been backed up substantially. The lawsuit in the Californian court includes seven charges against Ripple and CEO Brad Garlinghouse for selling unregistered securities and being involved in fraudulent activities.
Ripple has moved the court and stated that while the plaintiff placed the accusations they’ve not been able to prove how and why Ripple is guilty and involved in any wrongdoing. Ergo, Ripple believes the failure on their part should result in the case getting dismissed as it is based on false misinformation, and this time around with prejudice.
Ripple Believes The Plaintiffs’ Claims Aren’t Backed up Well
Ripple is emphasising highly on 3 factors to prove its points. Rule 9(b) is violated by the plaintiffs. The rule states that the plaintiffs should precisely speak about the circumstances that led to the fraud. Secondly, they should be extremely clear about how, why, what and when. Ripple believes these conditions have not been met and the case should be discarded and all allegations against it should be removed.
Ripple would be looking to attain victory in this case as it has not really tasted success in such matters. The plaintiffs and lawsuits keep on piling up against the firm and recently two cases were combined into one. Fraudulent activities, unregistered token sale are some of the accusations against it and Ripple believes that all these aren’t only harming the price, but also it’s reputation and the faith of its community.
In what is getting to be old hat, yet another lawsuit against Ripple and Mr. Garlinghouse saying that XRP is an unregistered security, created out of thin air, and serves no real purpose except to make a couple of people really rich. pic.twitter.com/4g79ZUA1oD
— Palley (@stephendpalley) May 4, 2020
It would be hoping that the lack of details provided in this lawsuit would work in its favour and repair some of its lost reputation and also helps its cause in other cases that are going on against it.
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