Ripple won a California court, where the Prosecutor argued that Ripple used deceptive and illegal tactics to control the price of XRP.
Yesterday court for the Northern district of California rejected the application for preliminary opinion concerning the lawsuit filed against Ripple Labs Inc., releasing a “Waiver of sanctions.” The plaintiff is one of the investors XRP Ryan Coffey, and his request for remand was essentially an attempt to keep the case in the lower courts in California.
Coffey tried to recover the losses due to financial losses received from investment in XRP. The claim was based on the premise that Ripple is manipulating the price of XRP constantly maintaining a positive news background, and also violates the California corporate code.
The lawsuit also accused the CEO of Ripple brad Garlinghouse that it misleads investors. The plaintiff further argued that Ripple and XRP is the product are not really decentralized and that Ripple may violate the Federal securities laws when it sells the tokens XRP.
After considering the arguments of each party, the court ruled in favor of the accused.
After examining the documents filed by the parties and carefully considered their arguments, the court denies the claim.
This is not the only lawsuit against Ripple. There are at least two similar actions which are considered in the Federal courts. It is noteworthy that in this case, the plaintiffs sought to prevent cases in Federal court.