Ripple Suffers Early Defeat As Judge Rules XRP Securities Lawsuits Will Proceed

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Ripple Suffers Early Defeat As Judge Rules XRP Securities Lawsuits Will Proceed As a Consolidated Suit





The ongoing legal battle between two different plaintiffs and Ripple, the company behind XRP, is entering its next phase.

A federal court judge has ruled that the two class-action lawsuits against Ripple will be combined before being decided on a Federal level. The first suit is led by Bradley Sostack and was filed on behalf of aggrieved XRP investors who purchased the token and then lost a great deal of money after the prices crashed.

The second lawsuit was recently filed by a mysterious firm known as Bitcoin Manipulation Abatement LLC that is controlled by Pavel Pogodin, alleging that Ripple violated securities law with the sale and marketing of the XRP cryptocurrency.

The judge asked that these two lawsuits that are substantially similar be merged into one case in order to speed up the trial process by avoiding duplicative processes involving the same defendant.

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