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Ripple Hit With Yet Another Lawsuit Over Securities Law Violations

Wed, 27 Jan 2021, 06:31 am UTC

Ripple Labs, the issuer of the XRP cryptocurrency, has been hit with yet another class-action lawsuit that was filed on behalf of Florida-based purchaser Tyler Toomey.

The plaintiff accuses the blockchain company of violating the Florida Securities and Investor Protection Act by offering XRP to retail investors without imposing any restrictions.

The lawsuit also names Ripple CEO Brad Garlinghouse as an individual defendant, asserting that he sold about $150 million worth of XRP from April 2017 through December 2019 while manipulating the token’s performance.

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