Ripple and other defendants have filed to move a consolidated class-action lawsuit against them from the state-level San Mateo Superior Court to the federal-level U.S. District Court, Northern District of California.
Ripple’s attorneys argue there are more than 100 members of the class-action. At least one plaintiff is a citizen of a different state than the defendants, and the total amount being sued for exceeds $5 million.
The issue is whether Ripple should have registered its XRP currency as a security with the Securities and Exchange Commission.
According to CoinDesk, Ripple may believe it will achieve a better, non-political result in federal court. One of the consolidated lawsuits it is facing, originally brought by Israeli resident Avner Greenwald, claims “thousands” of individuals lost money after buying XRP. These plaintiffs are asking for Ripple to pay $167.7 million in damages.
“Plaintiffs do not allege that they lacked information about the nature of these transactions. Nevertheless, Plaintiffs claim that they were somehow injured because the Defendants were allegedly required to register XRP as a ‘security’ with the Securities & Exchange Commission (‘SEC’) but failed to do so,” Ripple and the other defendants said in their filing seeking a change of venue.
Besides the Greenwald lawsuit, the consolidated suit combines actions sought by plaintiffs David Oconer and Vladi Zakinov.