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 (now known as Global Brokerage, Inc. (Frankfurt: YFX1.F)) - EconoTimes)
NEW YORK, June 21, 2017 -- Gainey McKenna & Egleston announces that a consumer class action lawsuit has been filed against FXCM Inc., Forex Capital Markets, LLC and FXCM Holdings, LLC (collectively, “FXCM”) (now known Global Brokerage, Inc. (Frankfurt:YFX1.F)) and Dror Niv (“Niv”), William Ahdout (“Ahdout”), John Dittami, and Effex Capital, LLC in the United States District Court for the Southern District of New York on behalf of all customers of FXCM who, between March 1, 2010 and February 6, 2017 (the “Class Period”), placed trading orders through FXCM’s “No Dealing Desk” (“NDD Platform”) while FXCM publicly stated that FXCM had no conflict of interest in the outcome of trades made on the NDD Platform.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) between FXCM engaged in false and misleading solicitations of its retail foreign exchange customers by concealing its relationship with its most important market maker and by misrepresenting that its “No Dealing Desk” platform had no conflicts of interest with its customers; (2) FXCM made false statements to the National Futures Association about its relationship with the market maker; and (3) as a result, Defendants unjustly profited from its customers because of the aforesaid conflict of interest.
On February 6, 2017, the U.S. Commodity Futures Trading Commission (“CFTC”) announced in a press release and accompanying Order that it had settled charges against FXCM and its two founders – Niv and Ahdout. The CFTC found that FXCM had engaged in false and misleading solicitations of its retail foreign exchange customers by concealing FXCM’s relationship with its most important market maker, by misrepresenting that its NDD Platform had no conflicts of interest with its customers, and cheating customers through dishonest trade execution.
If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
