SAN FRANCISCO — Financial blockchain company Ripple Labs Inc. on Wednesday lost a bid to keep its fraud lawsuit against rival R3 moving ahead in California state court, as the amount at stake in the dispute nears $2.4 billion with the recent upswing in cryptocurrency values.

San Francisco Superior Court Judge Newton Lam said at a hearing Wednesday that his decision granting R3’s motion to quash the suit, issued Dec. 8, would stand. “I don’t think that the new law that you gave me gives me a reason to change that decision,” he told Ripple’s lawyer, David Grable of Quinn Emanuel Urquhart & Sullivan.

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