Thread by @JohnEDeaton1

WHO SUES OVER $585 (no not 589)?

On May 3, 2018, a lawyer filed a putative class action against @Ripple and @bgarlinghouse because his client lost $585 trading #XRP.
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coindesk.com/markets/2018/0…

According to the Complaint, on January 6, 2018 this person bought 650 #XRP at $2.60 per #XRP for a total purchase price of $1,690. Twelve days later, he sold his 650 #XRP for $1.70 per #XRP - creating a loss totaling $585.

I’ve always been troubled regarding the timing of this putative class action filed against Ripple during the same period of time #Ether investors were secretly meeting the SEC asking for a regulatory free pass. The Perkins Coie Memo and Ether Safe Harbor is dated March 26, 2018.

Ether investors met on March 28, 2018 and again in April and in June. A putative class means a lawsuit brought by one or more individuals but also on behalf of a potential group of others similarly situated.

I’ve always been both curious and doubtful regarding this “potential class” of #XRPHolders. Would dozens; or hundreds; or thousands align themselves with this one plaintiff and assert the same claims against Ripple?

I remember the reaction of #XRPHolders when the SEC sued Ripple and how thousands of #XRPHolders immediately started tweeting that they did not rely on Ripple (or even know of Ripple) nor did they believe they entered into a common enterprise with Ripple, etc.

Over 63K #XRPHolders have joined in the fight against the SEC and are willing to to provide testimony that directly contradicts not only the SEC’s claims against Ripple but the claims made against Ripple in the pending class action lawsuit.

But filing suit over $585? This one plaintiff held #XRP for no more than 12 days. He didn’t have enough time to rely on any alleged promises or inducements by Ripple. Maybe he filed the case, not because of money, but out of principle? Nope.

His lawyer dismissed the case.

Sorta makes you think that if this one individual plaintiff only held #XRP for 12 days; only lost $585; the vast majority of #XRPHolders don’t support the case; and the case was thereafter voluntary dismissed; maybe, the case was filed for some other purpose?

After the first case was filed, a few others were filed. Although the first case was dismissed, the others have been consolidated (last I checked, a total of 6 are in the “class”). Although he dismissed the case he filed, I did notice the original lawyer is still involved? 🤔

I could point to a few coincidences between the lawyers and/or law firms involved and/ or their clients but I only to stick to facts that are incontrovertible, so I won’t.

Although I would like to know who wrote:

“saved by lawsuit”

& if they’re connected to…..👇

https://twitter.com/TAIGxrp/status/1459199236881498117