On Thursday, Judge Phyllis Hamilton, who leads Northern California's U.S. District Court, allowed the lawsuit to go to trial. One state law claim, which centers around statements made by Garlinghouse about XRP in a 2017 interview, has now been allowed to proceed to trial.
However, Judge Hamilton has shot down four claims that revolved around Ripple's alleged failure to register the controversial XRP token as a security. Crucial SHIB Warning Made by Team for Shiba Inu CommunityWhile addressing the claim that will go to trial, Garlinghouse slammed it as an attempt by"trolls" to game the US legal system to receive hundreds of millions in class action settlement.
Plaintiff Bradley Sostak argues that the bullish statement was misleading since the Ripple boss sold millions of XRPs on different exchanges that year. In another interview, Garlinghouse also stated that Ripple was going to drive"a massive amount of demand" for the token since it was solving"a trillion-dollar problem." Moreover, Ripple allegedly collaborated with a marketing agency when answering questions from the purchasers of the token.
Garlinghouse claims that he continues to stand by his"misleading statements," adding that he is looking forward to shedding light on them during the upcoming trial. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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