The Ripple Society was unable to explain the motives behind the class action lawsuit filed by Florida resident Tyler Tommy against Ripple Labs and Ripple CEO Brad Garlinghouse over the loss of $ 48.56.
In November 2020, Toomey purchased 135 XRP tokens at $ 0.724 each for a total of $ 97.80. Following news of a new lawsuit against Ripple in December of that year, Toomey sold his investment for $ 49.24, losing nearly 50%. He has now filed a class action lawsuit that costs eight times the cost of filing a claim than the damages he claims to have suffered.
According to the Central District of Florida, where the lawsuit was filed, the cost of filing a civil lawsuit is $ 402.
Added to the overall strangeness of the case is the sum that Tommy asked for $ 5,000,001,000, and the judge in charge of the case bears his unusual title – Judge Joel B. Tommy.
The lawsuit shows that the class action lawsuit was filed on behalf of Toomey (the plaintiff, not the judge), “and everyone else in the same way against the Ripple Labs defendants,” so it is possible that his motive only allows other investors to do the same.
Toomey is also seeking “legal redress” because of the amount of XRP the defendants have and which they claim to provide “they can continue to generate income while posing significant risks to investors.”
The Ripple community doesn’t seem to know how to fix this problem and some get offended while others think it’s a joke. A Twitter user offered Tommy $ 200 in XRP to drop his suit.
New Jersey’s attorney Jesse Haynes suggested the law was wrong to allow such a monarch.
“These things will continue to happen, and you can blame Congress and the SEC for that. RepMaxineWaters refused to do their job last season. Let’s hope so. ”
Ripple is currently trading at $ 0.25, down 4% on the day, suggesting few investors are serious about this lawsuit.