A Ripple Labs Inc. investor class was granted certification in a cryptocurrency securities lawsuit against the company over virtual token losses.
The company, CEO Bradley Garlinghouse, and its subsidiary XRP II challenged the certification. But the class met the four requirements for certification, Judge Phyllis J. Hamilton of the US District Court for the Northern District of California said June 30.
The action alleges a “scheme by defendants to raise hundred of millions of dollars through sales of XRP—an unregistered security—to retail investors in violation of the registration provisions of federal and state securities laws,” court records show.
The ...
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