RATE Group | Investor Lawsuit Argues Ripple Still Has to Answer Over Ongoing XRP Sales
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Investor Lawsuit Argues Ripple Still Has to Answer Over Ongoing XRP Sales

01 Dec Investor Lawsuit Argues Ripple Still Has to Answer Over Ongoing XRP Sales

Posted at 14:46h in Cryptocurrency News by

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Ripple’s argument that an XRP holder waited too long to file suit has no precedent, a new legal filing claims.

Bradley Sostack, the plaintiff in a putative class-action lawsuit, said Ripple’s statute of repose – a three-year period where victims can claim alleged wrongdoing – does not immunize the defendant from securities laws due to the on-going sales of XRP.

In a new legal filing made public late on Monday, Sostack claimed Ripple’s monthly sale of XRP out of escrow constitutes on-going securities sales, as submitted in his response to Ripple’s motion to dismiss from September.

Sostack is the court-designated lead plaintiff in a long-standing legal battle with Ripple and its CEO Brad Garlinghouse, based on claims the payments startup violated U.S. securities laws by selling XRP to the general public and promising that the token’s value would spike. The plaintiff is claiming he lost $118,100 through his XRP investment, according to an August filing.

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