The civil lawsuit seeks compensation for selling customers unregistered securities.
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The class action lawsuit was filed in federal court in the Northern District of California by plaintiff Thomas Sandoval. The lawsuit seeks recovery of commission paid to Coinbase for XRP sold “illegally” to class members.
No court has ever determined that XRP is a security. This lawsuit is likely filed in the event that a court does determine that XRP is a security. If the SEC v. Ripple Labs lawsuit is dropped then this lawsuit will also likely be dismissed.
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