Investor Can't Prove XRP Statements Were False, Ripple Says

Law360 (July 30, 2020, 10:02 PM EDT) -- An investor in the XRP cryptocurrency, who accuses the token's developer Ripple Labs Inc. and its CEO Bradley Garlinghouse in a proposed class action of lying and engaging in an unregistered securities offering, cannot show that the statements he points to were false, Ripple and Garlinghouse told a California federal court Wednesday.

Ripple and Garlinghouse's filing walked through various allegations of misstatements made by named plaintiff Bradley Sostack and argued that they were "unsupported leaps of logic." According to the filing, Sostack has been unable to explain why the alleged misstatements are in fact false.

Garlinghouse and Ripple filed a motion...

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