Ripple Lawsuit Likely to Last a Long Time, Attorney Says

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Ripple is trapped in a heavy lawsuit, but the plaintiff – a customer named Bradley Sostack – has ultimately run out of time when it comes to responding to the company’s notion to dismiss, and it’s unclear where things will go from here. Where is the Ripple Suit Headed? The lawsuit stems not just from Sostack, but from several customers who seem to think that Ripple is a security and failed to appropriately register. They claim that the company has employed false advertising and that the currency is not what executives say it is. On top of that, more than 50 percent of Ripple is still owned by those who reign at the top of the XRP ladder, suggesting that it’s not necessarily a decentralized coin. One of the big questions regarding Ripple at press time is whether it sells XRP to fund its operations. If this is going on,…

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