Ripple CEO Brad Garlinghouse hails the recent court ruling in Ripple’s securities lawsuit as a significant win, reaffirming that XRP is not a security and addressing misleading statements claims.
Bollywood Fever: Ripple CEO Brad Garlinghouse says the latest court ruling on Ripple’s securities lawsuit “is a big win.” He stressed that “absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security.” The Ripple executive slammed allegations of misleading statements about his XRP position, stating that the lawsuit “was a clear example of the trolls that unsuccessfully tried to take advantage of the U.S. legal system and distort statements to seek hundreds of millions in class action settlements.”
‘To Be Absolutely Clear, This Is a Big Win’
Ripple CEO Brad Garlinghouse took to social media platform X on Friday to clarify the recent court ruling regarding Ripple’s securities lawsuit. U.S. District Judge Phyllis J. Hamilton of the Northern District of California granted Ripple summary judgment on the federal and state class claims but denied summary judgment on an individual claim under California law. This partial win for Ripple has caused some confusion, particularly concerning its impact on XRP.
“There have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP,” Garlinghouse wrote. The executive affirmed:
“All class action claims in the suit were dismissed,” Garlinghouse stressed, emphasizing that the California court’s “ruling dismissed all allegations that Ripple had somehow violated federal securities law by selling XRP.”
On Friday, Ripple’s chief legal officer, Stuart Alderoty, similarly explained that District Judge Analisa Torres’ ruling from the Southern District of New York (NY) regarding XRP “stands undisturbed.”
Garlinghouse proceeded to clarify the situation regarding the lawsuit that is heading to trial. In this lawsuit, the plaintiff alleges that Garlinghouse made “misleading statements” about his XRP position during a December 2017 interview. In the interview, the Ripple chief stated: “I’m very, very long XRP as a percentage of my personal balance sheet.” However, the plaintiff claims the statement was false, alleging that “throughout 2017, Garlinghouse sold millions of XRP on various cryptocurrency exchanges,” according to court documents.
Garlinghouse clarified on Friday: “As for the single state law claim that will now be scheduled for trial: the sole plaintiff didn’t buy XRP directly from Ripple and can’t say if he even heard the statement before he traded and only owned a couple hundred XRP,” he described. “This was a clear example of the trolls that unsuccessfully tried to take advantage of the U.S. legal system and distort statements to seek hundreds of millions in class action settlements.” The Ripple CEO concluded
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