Investors Can’t Prove Ripple Knew XRP Had ‘No Utility’ By Cointelegraph

August 1, 2020 John Ripple 0

Lawsuit: Investors Can’t Prove Ripple Knew XRP Had ‘No Utility’

The federal case against Labs has taken an unexpected turn, as the legal team representing the firm and CEO Brad Garlinghouse have argued any statements they made overstating the utility of the XRP token can’t be proven false.

According to court filings obtained by Law360, lawyers for Ripple and Garlinghouse have argued plaintiff and XRP investor Bradley Sostack is unable to prove that Ripple misled investors with bullish claims about XRP and sold the token as an unregistered security. The legal team referred to Sostack’s statements as “unsupported leaps of logic.”

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