Leucadia says it has received $349 million in cash from principal, interest and fees from FXCM through September 30, 2017.
FXCM Group and Global Brokerage Holdings terminate Management Agreement from September 2016.
An amended complaint has been filed by all plaintiffs after the consolidation of cases brought by former customers of FXCM who claim to have suffered damages as a result of the misleading claims concerning its “NDD” model.
The Court has to establish whether the terms of the Leucadia loan were grossly unfair to the broker.
FXCM’s defense compares the January 15, 2015 events to a meteorite crash and says even higher margins would not have prevented the consequences for the company and its clients.
Investors in the public securities of FXCM claim the “order flow” payments were merely disguised profit-sharing payments per FXCM’s arrangement with Effex.
The results reflect a $63.49 million of share of the losses from the LLP subsidiary.
Judge Andrea R. Wood reacts with surprise to the request by Effex Capital for NFA to take down the materials concerning FXCM from February 6, 2017.
FXCM UK Merger Limited registers $35.8m impairment loss on value of investment in subsidiary undertaking
FXCM UK Merger Limited makes no mention of Lucid Markets sale in its report.
It is for the CFTC, not the Court, to determine whether NFA erred in how it handled the FXCM proceeding, NFA argues.
Global Brokerage Ltd and Forex Capital Markets SA Limited have recently been registered in the UK.
The case brought by Effex Capital against NFA is drowning in motions about sealing exhibits, with the public prevented from access to a large chunk of information.
“William looks worried as well. His face is just white. Everyone here looks done”.
NFA allegedly exceeded its delegated authority by using its investigation of FXCM “in furtherance of its self-serving efforts to eliminate OTC retail forex trading”.
In a press release, FXCM claims it has “no responsibility or obligation for GLBR’s debt or other obligations”.
The two cases claiming damages suffered by the broker clients as a result of the undisclosed relationship between FXCM and Effex Capital are now consolidated.
NFA files a Motion to Dismiss the amended complaint by the plaintiffs citing “failure to state a claim”.
Plaintiffs in the cases Cardi et al v. FXCM, Inc. et al (1:17-cv-04699) and Nguyen v. FXCM Inc. et al (1:17-cv-02729) seek to consolidate their legal actions.
FXCM continues to market V3 and Lucid Markets for sale, restructuring leads to $8.6m in charges in H1 2017
FXCM continues to target further reduction of the Leucadia debt through non-core asset sales, with Lucid Markets and V3 actively marketed for sale.