The lawsuit against Ripple claiming the company has violated the securities law has been moved from New York to California
Daniel Simmons filed a lawsuit against Ripple Labs, Bradley Garlinghouse, and XRP II LLC in March 2020, alleging Ripple’s company violated securities laws. They require at least $ 119, 206.22 plus interest, costs, disbursements, and attorney fees. So far, both the plaintiff and the defendant have filed a request to transfer the case to Northern California County.
New York securities lawsuit against Ripple moved to California https://t.co/j1oorUV0n6 pic.twitter.com/MBfue6yhpz
— XRPArcade (@ArcadeXrp) July 28, 2020
The lawsuit against Simmons vs. Ripple Labs for securities law violations has been moved from New York to California
On July 22, both the plaintiff and the defendant filed a request to transfer the case to Northern California County. The motion was approved on July 24, and the case was moved from U.S.D.C. Southern District of New York to the United States District Court – District of Northern District of California on the same day.
In the past, other similar cases like Greenwald v. Ripple Labs, Oconer v. Ripple Labs, and Bitcoin Manipulation v. Ripple Labs were consolidated with the oldest case (Zakinov v. Ripple Labs). It only makes sense for this case to get consolidated as well, but no such motion has been filed at the time of writing.
Zakinov’s lawsuit is the oldest active case against Ripple’s company, almost running for two years now.
Ripple recently filed fraud allegations to be dismissed and requested four additional documents. One of the documents is the newly passed rule from the U.S. Bureau of Consumer Financial Protection’s Notice (C.F.P.B.) on Remittance Transfers under the Electronic Fund Transfer Act.
Bradley Sostack, the main plaintiff in the case of Zakinov v. Ripple Labs, Inc., responded as follows:
“Ripple’s motion to dismiss the fraud allegations by providing more than a dozen (alleged) misleading statements made by the defendants and claiming the C.F.P.B. rule should not be taken into account.”
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