Ripple’s CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, have released statements addressing the misinformation surrounding a recent class-action lawsuit regarding XRP. Garlinghouse emphasized that the judge’s decision in California was a significant victory for Ripple, as it dismissed all class action claims in the case. He also clarified that the decision did not change the fact that XRP is not considered a security according to the New York Court’s ruling. The California ruling rejected the claims that Ripple violated federal securities law by selling XRP. Garlinghouse further noted that the sole state law claim scheduled for trial involved a plaintiff who did not directly purchase XRP from Ripple and may not have been aware of the disclosure before making the transaction. He described this case as an example of trolls attempting to exploit the U.S. legal system for large class-action settlements. Garlinghouse concluded by stating that he stands by his previous statements and looks forward to shedding light on the issue during the hearing. Alderoty reiterated that the California judge rejected all claims of federal securities law violation by Ripple and confirmed that the New York ruling on XRP not being a security still stands. He mentioned that a state law claim based on a 2017 statement will proceed to trial, involving a plaintiff who allegedly lost a few hundred dollars and did not directly purchase XRP from Ripple.
