Fintech company Ripple Labs has employed Debevoise & Plimpton’s Mary Jo White and Andrew Ceresney to represent them in a class action lawsuit for the alleged sale of unregistered securities, Law.com reported June 4. Mary Jo White previously held the position of chair at the US Securities and Exchange Commission (SEC).
The court paper for Ripple (XRP) reveals that the attorneys will represent the company in a lawsuit filed by investor Ryan Coffey last month. Coffey claims that he lost $551.89 trading Ripple’s XRP tokens, alleging that the digital currency should have been registered as a security with the SEC. He alleges that Ripple profited from increases in the cryptocurrency’s price at the expense of investors as Ripple maintains a “centralized XRP” ledger.
The plaintiff is looking to rescind over $300 mln in XRP purchases and set up a trust over the proceeds of Ripple’s alleged sales of digital currency.
The filings also state that the case has been moved from California state court to a federal court in the Northern District of California. Ripple’s lawyers say that the suit should be handled in federal court rather than in the San Francisco Superior Court, where the complaint was initially filed…