- Ripple has been in a legal battle this year and the latest development is a filing by the company asking the court to dismiss the fraud charges put forward by the plaintiff.
- The company's legal team filed documents with the court on Monday and mentioned the plaintiff failed to provide any support for their claims.
Ripple has been in a legal battle with investors this year and the latest development is a filing by the block chain company asking the court to dismiss the fraud charges put forward by the plaintiff on the account that there was a lack of evidence in order to support their claims. The San Francisco based companies legal team filed documents with the court at the start of this week on Monday and mentioned that the plaintiff had failed to provide any support for their claims.
The team highlighted that the amended complaint was filed sometime in March but was unable to prove that repeal had committed fraud.
“By and large, the Court reasoned that Plaintiff failed to ‘explain how or why’ the alleged misrepresentations were actually false. Plaintiff’s Consolidated First Amended Complaint (“FAC”) attempts to resuscitate these claims, but fails because Plaintiff still has not alleged with particularity ‘how’ and ‘why the alleged misrepresentations are false. Plaintiff’s Fraud Claims should again be dismissed, this time with prejudice.”
On top of this, the filing also mentions that the arguments put forward by the plaintiff fails to satisfy the Federal Rule of Civil Procedure 9(b) of the U.S. Law as it didn’t provide a detailed account of events in regards to the fraud allegations. They further say:
“Rule 9(b) requires plaintiffs alleging fraud to “state with particularity the circumstances constituting fraud…A plaintiff who successfully identifies the “who, what, when, where, and how” of a statement, without more, has not satisfied Rule 9(b). Where a plaintiff fails to explain how and why an alleged statement is false, the averments of fraud are insufficiently pled and must be disregarded.”