The American law firm Rosen Law Firm is determined, in the case of Ripple and XRP. During the investigations, the question is whether Ripple Labs has failed in connection with the Token against the securities law of the state of California. The firm is preparing a class-action lawsuit on behalf of all investors who have lost in the course of the XRP-trade money.
On 7. August, the law firm Rosen Law Firm announced in a press release, an investigation against the company Ripple Labs. The subject of this investigation, the issue of XRP-Token by the company Ripple, which is probably against the securities law of the state of California. Rosen Law Firm is an international law firm, particularly through the defence of the interests of Investors known.
Lawsuits against Ripple and XRP
Back in July we reported of a total of three lawsuits against the company Ripple Labs before the Supreme court of the U.S. state of California. Always it was about the fact that the company Ripple Labs sell in the Form of the Token XRP registered securities. Many investors recognize the way the Token by Ripple Labs will be issued a violation of applicable law.
The view of the plaintiff is that the Token represents a value paper, which is issued by Ripple Labs. This is, however, not registered as securities, the issue, therefore, illegal. In addition, Ripple Labs holds 55 billion of the existing 61 billion XRP tokens in a Escrow. This is the price manipulation over the last month.
Ripple fights back – garling, house, and Johnson are of a different opinion
The chief of the Ripple will see the nature differently. Ripple CEO, Brad garlinghouse explains that the XRP-Token is Open Source and also independent of the Use Case, the Ripple it ascribes to, exist and would work. In addition, the Token fulfills far more functions than this value paper. Also, Chief Market Strategist Cory Johnson called and the rib is to use a payment service provider, XRP only for transaction processing. The eternal debate goes on.
Nevertheless, the law firm Rosen Law Firm is preparing a class-action lawsuit on behalf of investors, who have retracted in the course of action with the Token money losses. Disgruntled investors in the Token are therefore invited to contact the firm. It will be interesting how it goes in the next Episode of the dispute to Ripple and XRP.