👨🏼‍⚖️ California court rebuffs motion to remand against Ripple

A district court in the United States has junked a motion seeking to remand against Ripple Labs and its subsidiary XRP II ($XRP). In May, an XRP investor named Ryan Coffey filed a securities class action lawsuit in a San Francisco court alleging that the defendants—Ripple Labs, XRP II, and Brad Garlinghouse along with 10 other individuals—violated state and federal securities laws whilst engaging in illegal schemes to raise several hundreds of millions of dollars through the sale of unregistered XRP tokens. The plaintiff also claimed that XRP is not a genuinely decentralized project. However, the court ruled that Coffey failed to show whether the presence of a Securities Act issue was sufficient to bar the defendant from removing an action under the Class Action Fairness Act.