Jake Chervinsky, Lawyer at Kobre & Kim LLP, wrote a tweet in which he talks about the latest developments in a previously filed class-action lawsuit against Ripple. He explained that the plaintiffs in the Ripple securities class action have filed motions to remand in federal court, asking to go back once again to state court.
At the same time, he said that the plaintiffs mentioned that Ripple should pay the legal fees explaining that the removal to federal court had ‘no basis in law or fact.’
Some time ago, the lawsuit was removed to the Federal Court. Attorneys at Ripple explained that plaintiffs do not allege that they lacked information about the nature of transactions.
On the mater, these attorneys commented:
“Nevertheless, Plaintiffs claim that they were somehow injured because the Defendants were allegedly required to register XRP as a ‘security’ with the Securities & Exchange Commission (SEC) but failed to do so.”
Chervinsky has also explained in the past the legal situation that important blockchain firms are currently experiencing. At the same time, he said in August that Ripple is defending four cases in California courts.
The cases related to Ripple are related to whether XRP is a security and wherein Ripple violated State and Federal law by failing to register the digital asset before offering it to the public.
The current Ripple lawsuit keeps dodging between the State and Federal Court.
XRP is the second largest virtual currency in the market after Bitcoin. It has a market capitalization of $12.45 billion and each coin can be purchased for $0.3. However, the SEC is still investigating whether the currency is a security or not, since it did not provide any information about XRP, something that they did with Bitcoin.