California Judge Dismisses Part of Civil Lawsuit Against Ripple, Sends Rest of Securities Case to Trial

By Matt Brienen

Published: 2024-06-21T20:36:36+00:00

A California judge has ruled that a civil securities lawsuit against Ripple will proceed to trial, denying in part the crypto firm’s motion for summary judgment in a suit alleging that Ripple’s CEO violated state securities laws in 2017. A jury will hear arguments on whether Ripple CEO Brad Garlinghouse made “misleading statements” in connection with the sale of securities in a 2017 televised interview. The other four claims in the class action securities lawsuit – the so-called “failure to register claims” – were tossed out on Thursday by Judge Phyllis Hamilton of the U.S. District Court for the Northern District of California. “We are pleased that the California court dismissed all class action claims. The one individual state law claim that survived will be dealt with at trial,” said Ripple’s Chief Legal Officer Stu Alderoty in an emailed statement.