The Ripple community is at a loss to elucidate the motivation beneath a class-action lawsuit filed by Florida man Tyler Toomey against Ripple Labs along with Ripple CEO Brad Garlinghouse over a $48.56 loss.
Earlier in November this year, Toomey brought 135 Ripple [XRP] tokens at $0.724 USD each for a complete sum of $97.80 USD. Following news of another lawsuit against Ripple earlier in Dec. that year, Toomey sold his investment for $49.24 USD, suffering a loss of just about 50%. He’s now launched a category action costing 8x times more in filing fees than the loss he claims to possess incurred.
In line with the Middle District of Florida website, where the lawsuit was filed, the value of filing a legal action is $402 USD.
Adding to the overall weirdness of the case the quantity demanded by Toomey is $5,000,001,000 USD and therefore the Magistrate presiding over the case shares his unusual surname – Magistrate Judge Joel B. Toomey.
The filing added that the legal case is on behalf of Toomey [the plaintiff, not the magistrate], “and all others similarly situated against Defendants Ripple Labs,” so it’s possible his motivation is to merely permit other investors to require similar action.
Toomey is additionally seeking “injunctive relief” due to the quantity of XRP held by the defendants that the filing claims, “they can still monetize, while creating substantial risk to investors.”
The Ripple community don’t seem to understand what to form of the case, with some having taken offense while others believe it a joke. One Twitter user offered $200 USD in Ripple [XRP] for Toomey to drop the lawsuit.
New Jersey attorney Jess Hynes suggested the law is guilty for permitting such malarky.
“This stuff going to stay happening and you’ll blame Congress and therefore the SEC for it. @RepMaxineWaters refused to do her job last session. Let’s hope she does it this go around.”
Ripple [XRP] is presently trading at $0.25 USD, down 4% for the day, suggesting few investors are taking this lawsuit to heart.