Ripple (available on Binance) Lawsuit: SomETHing interesting has occurred within the crypto sector, this time centering around Ripple (available on Binance) (XRP). A law firm has announced that it filed a class action suit against Ripple (available on Binance) Labs. The suit, filed yesterday, targets the following parties: Ripple (available on Binance), XRP II, and CEO Brad Garlinghouse. 

Ripple (available on Binance) Lawsuit 

The suit essentially states that the company’s sale of Ripple (available on Binance) (XRP) tokens violates United States securities laws. Taylor-Copeland law filed the class action suit. The complaint centers around Ryan Coffey, an individual who bought 650 XRP  on January 5th, 2018, then sold it on the 18th for USDT. Coffey exchanged for USD, ultimately suffering a loss of roughly $551.89. That’s around 32%.

According to the lawsuit, Coffey (the plaintiff) was not expecting to lose money on his investment. Interesting, considering losing money goes hand in hand with the crypto sector, and most people just take their losses, learn from them, and they don’t file a lawsuit. That said, Coffey apparently didn’t think losing money would be an outcome, due to Ripple (available on Binance) Lab’s promotional practices. For instance, posting or retweeting articles that are favorable towards Ripple (available on Binance) (XRP). 

Allegedly, the three defendants violated not only the California Corporations Code but also the Securities Act. The plaintiffs are asking that the courts declare the sale of Ripple (available on Binance) (XRP) a sale of unregistered securities. It will be interesting to see how this turns out, considering a spokesman for Ripple (available on Binance) today said that the company is not a security under United States law. 

What are People Saying about the Ripple (available on Binance) Lawsuit?

Even though the lawyer tweeted yesterday about a recently filed suit, Ripple (available on Binance) has yet to be served.

Taylor-Copeland Law files suit against Ripple (available on Binance) on behalf of XRP investors. Read the full complaint here: https://t.co/feY5HWNaYx
— James (@TCryptoLaw) May 4, 2018

The tweet received mixed responses, though the majority appeared to lean towards this being an unnecessary lawsuit.  Some even claimed the plaintiff was just grumpy that he or she lost money. What do you think?