A new class-action lawsuit has been filed against Ripple, its CEO Brad Garlinghouse and its subsidiary XRP II, LLC. Tyler Toomey a resident of Florida filed a lawsuit against Ripple for the sale of a unregistered security. Toomey claims that he owned 135 XRP in November 2020 (worth about $100 at the time) and sold it in two transactions in December 2020 for a loss of about 50%.
NATURE OF THE ACTION
1. This is a class action lawsuit regarding Defendants’ sale of XRP cryptocurrency
tokens to Florida residents in violation of Florida securities laws. Specifically, Defendants sold
millions of dollars (or more) of XRP tokens, which are securities under Florida law, to Florida
investors without registering the same either with federal or Florida authorities.
The full lawsuit can be found here: