E-Global gets added to plaintiffs list in “mega lawsuit” against FXCM Inc

Maria Nikolova

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.

The list of plaintiffs in the “mega lawsuit” targeting FXCM Inc, now known as Global Brokerage Inc, has been amended, as revealed by an order signed by Magistrate Judge Barbara C. Moses on April 13, 2020.

The Judge has approved the plaintiffs’ motion to add E-Global Trade and Finance Group Inc. (E-Global) as a party plaintiff. In granting the motion, the Judge noted that all parties consented to the addition of E-Global to the plaintiffs’ list. E-Global replaces named plaintiff Sergey Regukh as a class representative, with the plaintiffs contending that E-Global is the real party in interest with respect to Mr. Regukh’s claims.

The plaintiffs are poised to file their third amended complaint, including E-Global as a named plaintiff, no later than April 20, 2020.

The case relates to events from February 2017. Back then the brokerage was banned from the US retail FX market following regulatory action.

In response to the CFTC and NFA orders, the price of FXCM’s stock and the FXCM Notes dropped sharply, damaging investors.

Let’s recall that 683 Capital, Shipco, and Sergey Regukh filed their motion for class certification on January 6, 2020. The plaintiffs are pursuing claims on behalf of a class of FXCM investors under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) against FXCM; Dror Niv, FXCM’s co-founder, CEO, and Chairman of the Board; and William Ahdout, FXCM’s co-founder, Chief Dealer, Managing Director, and director.

The proposed class is defined as:

All persons and/or entities that purchased or otherwise acquired publicly traded Global Brokerage, Inc., f/k/a FXCM Inc. (“FXCM”) 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, both dates inclusive”.

The lawsuit continues at the New York Southern District Court.

Read this next

Retail FX

CySEC delists Leverate from investor compensation fund

The Cyprus Securities and Exchange Commission (CySEC) announced that Leverate, a provider of brokerage solutions for the financial services industry, has been excluded from its investor compensation fund today.

blockdag

Top Crypto Investment: BlockDAG Outpaces Bitcoin Price and Cardano ADA Upgrades, Securing $19.3M in Revolutionary Presale

After plummeting below the crucial $70,000 mark amidst geopolitical tensions, the Bitcoin price is signalling a recovery as it climbs past $63,000. Concurrently, Cardano ADA upgrades, particularly the much-anticipated Chang Hardfork.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: Middle East, US economic data, Eurozone data April 22 ,2024

US Dollar strengthens as easing Middle East tensions and strong economic data boost investor confidence, while dovish central banks and weak data weigh on the Euro.

Digital Assets

Thailand moves to block crypto websites to combat online crime

Thai authorities announced that they will block access to unauthorized cryptocurrency platforms. The decision was made after a meeting of the Technology Crime Prevention and Suppression Committee.

Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 22 April, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2200, previous strong support from November.

Fintech

TT now enables users to create synthetic multi-leg instruments

“TT Splicer combines the ease and flexibility of TT’s market-leading Autospreader with the power of our best-in-class execution algos to uniquely minimize slippage and optimize trade execution when trading synthetic multi-leg spreads.”

Fintech

Imandra launches FIX Wizard: AI assistant for FIX connectivity suite

“LLMs hold tremendous promise, but ultimately cannot be trusted in regulated environments. By combining their strengths with scalable, rigorous automated reasoning, we obtain a kind of magic: conversational interfaces with correct reasoning and domain-specific skills.”

Chainwire

Sui Overflow Hackathon Funding Pool Balloons to $1,000,000 as New Sponsors Join

Alibaba Cloud, AngelHack and dWallet are among the latest supporters for the global event.

Institutional FX

Liquidnet launches SuperBlock Matching for equities trading

“The creation of a protected space to trade the most challenging blocks is a direct response to a request from our Membership and is an extension of our existing block trading offering, to facilitate more complex and nuanced trades.”

<