No later than October 7, 2020, the parties in the case will have to submit a joint letter, informing the Court as to whether the mediation was successful.
To preserve resources for potential settlement, the parties seek a stay of all proceedings while they pursue mediation.
The exposure is limited to the carrying value of the term loan ($53.8 million) and the investment in associated company ($76.2 million).
The lawsuit was brought by investors who purchased securities in Global Brokerage, formerly known as FXCM Inc, during the period from March 15, 2012 through February 6, 2017.
Global Brokerage, Niv and Ahdout outline 46 affirmative defenses as they seek to nix claims made by investors.
At the end of the first quarter of 2020, the total stockholders’ deficit stood at $131.2 million.
Judge Barbara C. Moses approves the addition of E-Global Trade and Finance Group Inc to the list of plaintiffs in the “mega lawsuit” against FXCM Inc.
Jefferies’ maximum exposure to loss as a result of its involvement with FXCM comprises the carrying value of the term loan ($61.6 million) and the investment in associated company ($68.4 million).
E-Global is set to replace plaintiff Sergey Regukh as a proposed class representative.
The lawsuit is brought by investors in FXCM’s securities who were harmed by the share price drop in February 2017 when the brokerage was banned from the US retail Forex market.
If Alon Nachmany is entitled to any compensatory damages, he is only entitled to damages for no more than “garden variety” emotional distress, FXCM argues.
Effex Capital has failed to secure a review of the Appeals Court ruling in a lawsuit about NFA’s press releases regarding regulatory actions against FXCM.
No depositions have taken place in the lawsuit targeting Global Brokerage, formerly known as FXCM Inc, and a number of its directors.
“I believe this perception of me as “less manly” was because I would not drink to excess during IT Department lunches or use recreational drugs both during and after the workday”, Alon Nachmany says.
Jefferies’ maximum exposure to loss as a result of its involvement with FXCM is limited to the carrying value of the term loan ($59.1 million) and the investment in associated company ($70.2 million).
The plaintiffs in the “mega lawsuit” targeting FXCM Inc believe settlement discussions will be more effective once the defendants have produced more documents.
FXCM managed to dismiss the bulk of the complaint against it but the Court has permitted the plaintiff to replead certain sexual harassment claims.
The proposed Class covers “all persons and/or entities that purchased or otherwise acquired publicly traded Global Brokerage, Inc., f/k/a FXCM Inc. securities, including FXCM 2.25% Convertible Senior Notes due 2018 and Class A common stock, during the period March 15, 2012 through February 6, 2017”.
Total stockholders’ deficit stood at $109.5 million at the end of September 2019.