One of Ripple’s investors has filed a lawsuit against the crypto tyrant. This was following a fee the investor paid for $400 and bearing a $48 loss. The lawsuit is of class-action, and several of its users or students are unable to understand the bizarre filing. The accuser is Tyler Toomey, a man from Florida. It was not just lodged against the company but also against XRP’s parent’s Chief Executive Officer, Brad Garlinghouse. Filing a civil action incurred a cost of $402. Toomey also demanded a whopping amount from the company in return.
Reason Behind Lawsuit Against Ripple
Back in November last year, Ripple’s 135 XRP coins were brought by the accuser, Toomey. The price for each of those tokens was $0.724. The total money he spent on purchasing those coins was $97.80. When the news of a lawsuit by the Securities Exchange Commission of United States leaked onto the internet, the investor sold his holdings in the altcoin firm. This was sold for about $49.24 back in December. The untimely sale resulted in a loss of about 50%.
Now, after all this time, the investor has lodged a case against Ripple, sighting a class-action lawsuit. The lawsuit charged by the accuser costs 8 times more than the loss he incurred, he mentions. And the amount he expects in return has managed to turn heads and as more questions regarding this case. Toomey asked for $5,000,001,000 from Ripple.
The case gets even murkier. The Magistrate that will be handling this case may or may not be familiar or a relative of the accuser. How does one know? The last name of the handler of the case is matching. The name is Joel. B Toomey. Toomey, the accuser, also filed about how Ripple can still make money, while investors may keep seeing the face of substantial loss.
