Ripple faces a lawsuit for violating sales and marketing safety laws

Ripple faces a lawsuit for violating sales and marketing safety laws

Bitcoin Manipulation Abatement LLC has filed a lawsuit in the U.S. Federal Court alleging that Ripple deliberately manipulated and misled investors and sold XRP in violation of federal law. The lawsuits were filed on May 1, and the allegations also concern CEO Brad Garlinghouse, who was supposed to be involved in the sale of XRP, raise more than $ 1 billion, in violation of the law.

Bitcoin Manipulation Abatement LLC intends to obtain damages for alleged infringement, but the question arises as to whether this is in fact a valid reason or a fictitious lawsuit.

The lawsuit states:
“ order to drive demand for and thereby increase profits from the sale of XRP, Defendants have made a litany of false and misleading statements regarding XRP in violation of California’s securities laws, and false advertising and unfair competition laws.

Bitcoin Manipulation Abatement LLC filed a similar lawsuit in 2019 against the crypto derivates exchange FTX, claiming $ 150 million, but the court rejected it.

Read official document

Source 2: cointelegraph



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