Ripple Labs Inc. was hit by a third class action securities fraud lawsuit in California seeking to classify the company’s XRP cryptocurrency as a security subject to California’s Corporations Code.
Filed on behalf of a local XRP investor on June 27 in San Mateo County Superior Court, the lawsuit comes weeks after two similar California class actions against Ripple, one on June 5 in the same county, and one on May 3 in San Francisco County that has since been moved to federal court in the Northern District of California.
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