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Plaintiff has Voluntary Withdrawn the Lawsuit against XRP
Editorial Team

Earlier this year, Plaintiff Ryan Coffey has filed a class-action lawsuit against Ripple Labs, Inc., XRP II, LLC, an ancillary of Ripple, and Brad Garlinghouse, CEO of Ripple. According to a publication from AMBCrypto.com, on August 22, United States District Court of California issued a statement stating that Coffey has voluntary back the lawsuit.

The Ryan Coffey case has been a “hot topic” for a long period of time. He initially filed the case on May 3, 2018 alleging that the XRP tokens were fully generated even before the distribution began. The plaintiff further continued to accuse it as a “never-ending ICO.”

The lawsuit requested remuneration for the plaintiff, awarding him for the damages caused because of the investment in XRP. It also demanded that XRP must be subjected to the California Corporations Code. According to the Class Action Fairness Act, the defendants were able to remove class-action filed against them.

Nevertheless, on August 1, the plaintiff filed a motion to remand. According to the publication, the motion filed by him was ruled over by the court.

The court order read:

“Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.”

The reasons for the voluntary dismissal remain unknown. The court has officially dismissed the case as understood by the statement, which stated:

NOTICE IS HEREBY GIVEN that pursuant to Fed. R. Civ. P. 41(a)(1)(A)(i), named-plaintiff Ryan Coffey (“plaintiff”), by and through his counsel, voluntarily dismisses without prejudice the above-captioned action (the “Action”). This notice of dismissal is being filed with the Court before service by Defendant of either an answer or a motion for summary judgment. Plaintiff has not been offered and is not receiving any consideration for dismissing the Action.”

Twitter user Jeff tweeted:

“Aw. I think a ruling would have been better.”

Dr. RedsoXRP a Twitterati commented:

“In due time. However, Coffey being the “headliner” case and now choosing to end their trial says quite a bit. A win is a win is a win. No matter how big or small.”

Ripple has been informed about the news lately for various reasons. In a recent Ask Me Anything (AMA) session, David Schwartz (CTO of Ripple), spoke about XRP’s status as a security, Bitcoin (BTC), and the future of Ripple and XRP.

During the session, he talked about Ripple’s products and particularly xRapid and clarified questions on the transfer of value through XRP.

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