OANDA settles civil action brought by former customer Antonio Medina

Maria Nikolova

The parties have entered into a settlement for a civil action at the New York Southern District Court and a related matter at the Northern District Court of California.

A brief followup to FinanceFeeds’ earlier article about OANDA and its ex-customer Antonio Medina reaching an agreement in principle to settle…

In a Letter addressed to Magistrate Judge Ronald L. Ellis at the New York Southern District Court, the Forex broker says that the parties in the case have entered into a settlement for the case at the New York court and for a related matter pending at the Northern District Court of California.

In the latest Letter, filed electronically on October 13, 2017, OANDA provides no details on the settlement. In the previous documents filed with the court, however, the broker said the parties had agreed in principle to a settlement amount of $85,000.

The legal action at the New York Court, captioned Medina v. OANDA Corporation (1:17-cv-02316), accuses the defendants of: (1) breach of warranty; (2) false advertising; (3) breach of oral contract; (4) breach of covenant of good faith and fair dealing; (5) breach of fiduciary duty; (6) fraud; and (7) infliction of emotional distress.

With regard to the last charge, Mr Medina has claimed that:

“As a proximate result of the Defendants’ acts and omissions, Plaintiff suffered mental anguish, and emotional and physical distress, and has been injured in his mind and body as follows: Plaintiff has lost sleep, become ill, developed anxiety, and gastralgia…”

Mr Medina has argued that OANDA had charged him with fictitious interest for non-existing money and did not provide the competitive spreads that it promised, but instead expanded it beyond the competition’s.

From around August 2015, his complaint states, the Defendants have failed to provide competent service, failing to follow Mr Medina’s trade instructions. Plaintiff received either no response or unresponsive emails, when he attempted to contact the broker. Moreover, Defendants promised that OANDA’s exchange prices, quotes and spread were transparent and that they would provide historical data with at least one minute accuracy spanning many years back but allegedly failed to do so.

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