Ripple Labs was able to move a consolidated class-action lawsuit from its previous venue at the San Mateo Superior Court to the U.S. District Court, Northern District of California. This is reported by Coindesk.
The company is accused of selling unregistered securities in the form of XRP tokens and asset rate manipulations. According to court documents, the class action lawsuit includes the cases of Avner Greenwald, David Oсoner and Vladi Zakinov against Ripple Labs and a subsidiary of XRP II.
The defendant insists that the case meets the conditions necessary for its consideration in a federal court, since the plaintiffs are located in different jurisdictions.
Plaintiffs do not allege that they lacked information about the nature of these transactions. Nevertheless, Plaintiffs claim that they were somehow injured because the Defendants were allegedly required to register XRP as a ‘security’ with the Securities & Exchange Commission (‘SEC’) but failed to do so.
To protect their interests, the startup hired Skadden Law Firm and leading lawyers from Debevoise & Plimpton, including Mary Joe White, former Securities and Exchange Commission (SEC) chairman, and Andrew Ceresney, former SEC head of enforcement.