The court dismissed some of the claims in the class action against Ripple, accused of selling XRP as unregistered securities, but allowed further proceedings.
Phyllis Hamilton, a District Judge for the Northern District of California, ruled that the organizers of the class action filed by investor Bradley Sostack may continue to prosecute the company and file complaints against it under federal law. However, Hamilton dismissed certain claims under California state law.
The judge found Ripple's argument that the plaintiffs had filed a complaint in court when the statute of limitations had already expired to be compelling, but that this did not apply to Ripple's actions that might violate federal laws. Hamilton specified that plaintiffs could file repeated complaints within 28 days.
"Based on the facts, the court cannot determine whether the sale of XRP was a public offering before August 5, 2016. Despite the fact that during a trial with the California Northern District Attorney's Office in May 2015, defendants acknowledged the offer of XRP and its sale in 2013, Ripple's activities at the time did not show a broad focus", — Judge Phyllis Hamilton ruled.
Ripple fully denies its guilt and has repeatedly filed a motion to dismiss this class action, in which investors seek compensation for their losses.
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