Ripple Investors’ ICO Suit Trimmed Again

Law360 (October 5, 2020, 4:07 PM EDT) — A California federal judge has trimmed investors’ claims against cryptocurrency developer Ripple Labs Inc. for the second time, tossing for good two claims that the company and its executives made misleading statements but keeping alive claims that it held an unregistered securities offering.

U.S. District Judge Phyllis J. Hamilton dismissed with prejudice Friday two fraud claims that Ripple and its executives made misleading advertisements and misleading statements about its XRP cryptocurrency.

“The court concludes that further amendment would not salvage plaintiff’s claims to the extent they rest on the subject statements,” Judge Hamilton said.

However, for the second time, the judge denied Ripple’s bid…

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