A new class action lawsuit has been added to XRP's growing legal troubles. On January 25, Tyler Toomey, a Florida investor filed suit against Ripple Labs and its CEO Brad Garlinghouse. Tyler and others in the class action accused Ripple of tricking investors and selling millions of dollars worth of unregistered XRP coins.
This is similar to the lawsuit on December 22, 2020 where the SEC filed a lawsuit against Ripple Labs and personally named CEOs Christian Larsen and Bradly Garlinghouse in the suit. The plaintiff, SEC, charges the defendants of obtaining over $1.38 billion using digital asset security, XRP, without following proper regulatory guidelines.