California District Court Dismisses Two Charges Against Ripple
The US District Court in California dismissed two fraud charges against Ripple, but allowed the plaintiff to appeal on different terms.
In the first indictment, the plaintiff stated that Ripple claimed that XRP rose 4000% in a year which makes digital assets better than gold and XRP is promising.
In the second charge, the plaintiff argued that Garlinghouse's statement was about XRP's corporate ethics. When he once stated that people consider Ripple to be a successful company, which increases the value of XRP.
However, the court gave the green light and considered that the plaintiffs could go to court to file a lawsuit against Garlinghouse, for violation of section 25401 of the California Corporation Act. This will start the appeal process.