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Another class action lawsuit has been filed against Ripple Labs and CEO Brad Garlinghouse. This lawsuit follows the lawsuit filed by the United States Securities and Exchange Commission (SEC) alleging that the defendants sold XRP, which it considers unrecorded security, for more than $ 1.38 billion.

  • The lawsuit, filed Monday in a Florida court, alleges the “sale of XRP cryptocurrency tokens to Florida residents ”violates Florida securities laws.
  • The suit is called Ripple Lab Inc., XRP II LLC and Garlinghouse as defendants. They have reportedly sold “millions of dollars (or more)” XRP tokens since 2013 without registering with the federal or Florida authorities.
  • Recently, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, Garlinghouse and co-founder Christian Larsen, claiming to have more than 14.6 billion units of XRP for at least $ 1.38 billion. Following the SEC’s lawsuit, several major cryptocurrency exchanges have been dropped from the list XRPincluding Coinbase, Binance, Okcoin, and Blockchain.com. Ripple has insisted on it XRP is not a security and plans to fight the SEC charges.
  • The prosecutor, Tyler Toomey, said he bought 135 XRP on or around November 24, 2020 for $ 97.80 and then sold the coins at a loss. The lawsuit states that “the plaintiff suffered a loss of $ 48.56, or just over 50% of his initial investment.)” While the plaintiff’s own loss is small, he tries to represent a class that is defined if any person or entity in the state of Florida has purchased it XRP. “
  • Toomey is seeking financial compensation, including “reasonable” attorney fees, expenses and lawsuit costs, on his behalf and on behalf of other classmates.

What do you think of this new lawsuit against Ripple about XRP? Let us know in the comments below.

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