A federal judge in Oakland has largely turned back a bid from lawyers for San Francisco-based financial technology company Ripple Labs who were seeking to knock out claims that sales of its XRP cryptocurrency violated state and federal securities laws.

In an order issued Wednesday, U.S. District Chief Judge Phyllis Hamilton of the Northern District of California on Wednesday actually adopted the position of Ripple Labs’ lawyers at Boies Schiller Flexner and Debevoise & Plimpton that the three-year statute of repose applicable under the federal securities laws should run from XRP’s first “bona fide” offer to the public. However, the judge found that the Ripple Labs and its codefendants, including CEO Bradley Garlinghouse, didn’t make their first public offering of XRP before Aug. 5, 2016, the cutoff date three years prior to the plaintiff filed suit.

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