United States District Court for the Southern District of New York Judge Analisa Torres rejected the motion of Ripple CEO Brad Garlinghouse and co-founder Chris Larsen to dismiss the lawsuit filed against them by the U.S. Securities and Exchange Commission.
The aforementioned proposals were made in April last year. Along with Ripple’s co-founders and Ripple Labs, the defendants in the SEC lawsuit are Brad Garlinghouse and Chris Larsen was presented by
In addition, the judge also rejected the SEC’s motion to block Ripple’s “fair notice” defense. The SEC submitted the motion last April and later added several additional letters of authorization to support it. The court “did not conclude” that Ripple’s fair notice defense was invalid at this stage of the case. The judge argues that the institution will not be subject to “unnecessary bias” as the defense continues.
Stuart Alderoty, Ripple’s general counsel, has already commented on the ruling against the SEC, claiming that there is a “serious question” as to whether the agency gave fair notice to the company. Garlinghouse described the verdict as a “big win” for the defendants and added:
“While we would prefer the lawsuits against Chris and me to end now, the SEC now has to prove its claims. We are confident that they will all be sacked in the end.”
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