Ripple Faces State Law Claim After Partial Summary Judgment in California Class Action

Jun 21, 2024, 01:28 PM

A U.S. federal court has greenlighted a securities lawsuit against Ripple Labs, accusing its CEO of breaking California securities laws. However, the court also dismissed all allegations suggesting that Ripple violated federal securities law. The New York ruling that XRP is not a security remains undisturbed. The only remaining claim is a single count under state law by one plaintiff, with potential damages in the hundreds of dollars. Ripple has won a partial summary judgment in this securities lawsuit, effectively ending the class action.