Ripple: Plaintiffs respond to request for dismissal of securities claim
The plaintiffs have responded to Ripple’s motion to dismiss the fraud and security claims for lack of evidence.
A hearing on the decision to dismiss the charges will be held on August 26 this year.
The plaintiffs in the case against Ripple Labs have responded to Ripple‘s motion to dismiss fraud charges.
The motion was filed by Ripple in early June this year.
The company argued in a document before the Northern District Court of California that the plaintiffs’ evidence was insufficient.
Ripple has been facing this suit since November 2018, making it one of the company’s oldest litigation.
Bradley Sostack is the primary plaintiff suing Ripple.
The plaintiffs’ response to Ripple’s application
In the document referred to, Ripple’s legal representatives stated that the plaintiffs had no evidence linking Ripple, its CEO or employees to making statements in support of the charges.
The document presented by the opposing party rejects the above argument.
The plaintiffs’ contention that the document submitted by their counterparty is unspecified, as the document states:The defendants fail to establish that the factual claims contained in the document cannot reasonably be challenged.
In fact, the defendants do not even specify which factual assertions in the document they are asking the Court to consider.
Sostack’s lawyers deny that the letter from the U.S. Consumer Financial Protection Bureau (CFPB) is relevant to the case.
Ripple cited this document in its most recent motion as evidence that XRP is a utility token, which in fact cannot be classified as a security because it is a counterparty to SWIFT’s existing payment system.
But according to the plaintiffs it cannot be used as a test of truth in either party’s argument. In that regard, the plaintiffs asked the court to dismiss any argument based on the CFPB’s statements.
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https://www.crypto-news-flash.com/ripple-plaintiffs-respond-to-request-for-dismissal-of-securities-claim/
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A hearing on the decision to dismiss the charges will be held on August 26 this year.
The plaintiffs in the case against Ripple Labs have responded to Ripple‘s motion to dismiss fraud charges.
The motion was filed by Ripple in early June this year.
The company argued in a document before the Northern District Court of California that the plaintiffs’ evidence was insufficient.
Ripple has been facing this suit since November 2018, making it one of the company’s oldest litigation.
Bradley Sostack is the primary plaintiff suing Ripple.
The plaintiffs’ response to Ripple’s application
In the document referred to, Ripple’s legal representatives stated that the plaintiffs had no evidence linking Ripple, its CEO or employees to making statements in support of the charges.
The document presented by the opposing party rejects the above argument.
The plaintiffs’ contention that the document submitted by their counterparty is unspecified, as the document states:The defendants fail to establish that the factual claims contained in the document cannot reasonably be challenged.
In fact, the defendants do not even specify which factual assertions in the document they are asking the Court to consider.
Sostack’s lawyers deny that the letter from the U.S. Consumer Financial Protection Bureau (CFPB) is relevant to the case.
Ripple cited this document in its most recent motion as evidence that XRP is a utility token, which in fact cannot be classified as a security because it is a counterparty to SWIFT’s existing payment system.
But according to the plaintiffs it cannot be used as a test of truth in either party’s argument. In that regard, the plaintiffs asked the court to dismiss any argument based on the CFPB’s statements.
Read the full topic at
https://www.crypto-news-flash.com/ripple-plaintiffs-respond-to-request-for-dismissal-of-securities-claim/
Follow me on
Twitter: https://twitter.com/cryptoexpert20
If you wont me to post your cryptocurrency article on my blog From the link
https://www.fiverr.com/cryptoexpert20/post-your-cryptocurrency-article-on-my-blog
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