Ripple’s legal team has filed to relocate its securities lawsuit to a national arena.
Lawyers representing payment startup Ripple in its ongoing securities lawsuit are trying to move the case to a U.S. federal court in a show of what one legal commentator described as “tactical brilliance” Nov. 9.
In the removal filing, litigation partner Peter Morrison said the case “meets each of (the) requirements” needed to allow the change to go ahead, legal industry magazine Law.com notes.
The latest development is another step in the complex road to court for Ripple investors, four of whom originally brought separate claims against the company over its alleged securities law violations.
The claimants all lost money from purchasing XRP at high prices earlier this year, but opted to sue to include all possible parties affected since 2013.
The lawsuits have now been consolidated into one process.
Commenting on the idea by Ripple’s defence team to switch venue to federal level, securities lawyer Jake Chervinsky applauded what he said was a “slick” move.
“I can’t speak to their odds of winning since the case is still so young & I don’t know all the facts, but it’s fair to say Ripple’s lawyers think they have better odds of winning in federal court than in state court (or else they wouldn’t be trying so hard to remove the case),” he wrote on Twitter Nov. 9.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.