Ripple sighs in Relief as Plaintiff Withdraws Lawsuit
The US District Court of California has finally issued a statement which says that Ryan Coffey has taken the class-action lawsuit which he filed on 3rd May 2018 back.
According to the court, Coffey had taken the lawsuit that he filed against the Ripple CEO Brad Garlinghouse, back voluntarily Ripple Labs, Inc., and XRP II, LLC.
The case had been what everyone has been discussing for quite a lot of time. It started off with Coffey alleging that the XRP tokens distributed in the network were fully generated even before being distributed. He thus called them a “never-ending ICO.”
The lawsuit had demanded remuneration to Coffey for the damages caused to him by his investment in XRP. It also asked for XRP to be subject to the California Corporations Code. The Class Action Fairness Act helped the defendants to remove this class-action filed against them.
On 1st August, however, Coffey filed a motion for a remand. Nine days later, the court ruled over the motion that he filed. The 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 recent developments show that Ryan Coffey has taken the case back voluntarily. Reasons behind him taking the case back are still unknown. As understood by the following statement, the court officially dismissed the case:
“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.”