Ripple Files to Move Securities Lawsuit from State to Federal Court

Ripple’s legal team in their ongoing securities suit is attempting a new tack: to have the claim proceed at the federal level. In a move that legal commentator Jake Chervinsky described as “seriously crafty,” Ripple has filed a formal notice-of-removal motion to have their most recent securities suit, Zakinov et al v. Ripple, tried in a federal court rather than at the state level.   In the notice of removal, the defendants, which include Ripple and its CEO Brad Garlinghouse, among others, request that the court “remove the … civil…

Ripple Lawyers Try to Move Securities Lawsuit to Federal Court in ‘Slick’ Move

Lawyers representing payment startup Ripple in its ongoing securities lawsuit are trying to move the case to a U.S. federal court in a show of what one legal commentator described as “tactical brilliance” Nov. 9. Court records confirm the application to move the case from state to federal level, which would allow Ripple to prove definitively that its XRP token is not a security under U.S. law, should it win. In the removal filing, litigation partner Peter Morrison said the case “meets each of (the) requirements” needed to allow the…