Ripple Has Mixed Success in Motion to Dismiss Lawsuit Alleging Securities Fraud
The judge threw out some of the claims in the lawsuit but the case can continue based on others relating to allegedly misleading statements by CEO Brad Garlinghouse.
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The ruling on the motion to dismiss in the SEC v. NAC case indicates that the SEC still has crypto sales in its crosshairs in 2021. On June 25, 2020, the United States Securities and Exchange Commission brought suit in the Northern District of California against NAC Foundation LLC, also known as the NationalAtenCoin Foundation, and Rowland Marcus Andrade, the company’s CEO, alleging that the company had violated the federal securities laws by selling an unregistered, pre-functional version of an “Anti-Money Laundering BitCoin” token, to be known as AML BitCoin.Unlike some of the other....
The Tron Foundation has filed a motion to dismiss a lawsuit from plaintiffs alleging securities violations with its $70 million 2017 ICO. The Tron Foundation has requested a New York federal judge dismiss a class action lawsuit alleging securities violations through Tron’s 2017 initial coin offering, describing the claims as “fatally flawed.”The Chinese blockchain developer filed a motion to dismiss on Dec. 15, asserting that the case has “no connection” to New York. The foundation also emphasized that the lead plaintiffs did not participate in Tron’s ICO, and that they filed the suit....
Chris Larsen has filed a motion to dismiss the SEC's case against him as part of the Ripple lawsuit. Chris Larsen — Ripple’s executive chairman — has joined company CEO Brad Garlinghouse in moving to dismiss the securities violation case filed by the U.S. Securities and Exchange Commission.In a court letter filed on Wednesday, Larsen’s attorneys provided four arguments detailing the reasons why the case against the Ripple executive should be struck.According to the letter, the SEC cannot substantiate its claims that Larsen “knowingly or recklessly provided substantial assistance” towards....
Ripple CEO Garlington claims a “big win” in the dismissal of an SEC motion while remaining silent about the ruling on his own motion. Southern New York District Court Judge Analisa Torres issued two rulings Friday on motions filed in the Security and Exchange Commission (SEC) lawsuit against Ripple Labs.Ripple argued that it was not given fair notice by the agency that it would consider the token a security, thus denying the company due process. Judge Torres denied the SEC motion, filed in April, to dismiss this defense, and by doing so affirmed that the defense is viable in the suit — in....
Another class-action lawsuit has been filed against Ripple Labs and CEO Brad Garlinghouse. This lawsuit follows the one filed by the U.S. Securities and Exchange Commission (SEC) alleging that the defendants sold XRP, which it considers unregistered security, for over $1.38 billion. The lawsuit, filed Monday in a Florida district court alleges that the “sale of XRP cryptocurrency tokens to Florida residents” violates Florida securities laws. The suit names Ripple Lab Inc., XRP II LLC, and Garlinghouse as the defendants. They have allegedly sold “millions of dollars (or....