Court Dismisses SNB Related Class Action Lawsuit Against FXCM
Posted: Mon Aug 22, 2016 9:27 pm
A New York district court has just dismissed a clads action lawsuit by some shareholders of FXCM Inc, which accused the company of scienter in the aftermath of the Swiss National Bank turmoil in 2015. The company has been granted the dismissal motion after plaintiffs, which include a pension fund from Chicago.
The plaintiffs in the case have alleged that FXCM misled investors by claiming that its agency business model is less risky. In aroker’ddition the lawsuit was charring some second executives in the company, including the broker’s CEO Drew Niv with scienter. The allegations went as far as to say ... (read more)