California Judge Breaks With New York Counterpart, Sends Ripple Securities Lawsuit to Trial
Summary
A California judge ruled that a civil securities lawsuit against Ripple will proceed to trial, with allegations that Ripple’s CEO made misleading statements in a 2017 televised interview. The lawsuit claims that the CEO violated California’s securities laws by selling millions of XRP while professing to be "very, very long XRP." The judge dismissed four other claims but allowed the state law claim to proceed. The judge's ruling differs from a parallel case in New York, and Ripple's legal officer stated that the ruling in the SEC case still stands.
