As it stands now, the parties within the aptly named “mega lawsuit” have filed a joint status letter. Within this letter, it updated the New York Southern District Court on the overall progress of discovery to date, including any efforts to enact a settlement. The Court case, in particular, was brought forth by the investors within FXCM Inc.
New Class Action Representatives
Within this document, it’s made clear that the defendants, FXCM itself, did not oppose the motion of the plaintiffs’ to incorporate E-Global to the list of plaintiffs. The plaintiffs will, in turn, have to amend their class certification motion, being mandated to do it before the 10th of April, 2020. This is due to the plaintiffs replacing the named plaintiff, Sergey Regukh, with E-Global as the proposed class representatives. This is due to the fact that the plaintiffs have contended that E-Global stands as the real party in interest, as opposed to Regukh and his claims.
Three Years In The Making
The defendants, in turn, will seek to depose E-Global from the lawsuit, citing Rule 30(b)(6). As it stands now, the parties are currently in the discussion phase when it comes to scheduling, and are also talking about the deposition’s scope. Regukh stands as an expected corporate representative for E-Global. Furthermore, he holds no expectation that problems would pop up in regards to finding the availability of time to do videoconferencing in this trying time.
The case itself is in regards to events that had occurred over three years prior, during February of 2017. During that time, the brokerage itself, FXCM, was banned from the retail FX market within the US. This was due to regulatory actions leveled against the firm as a whole
Suing The Company And Its Heads
Three parties, Shipco, Regukh, and 683 Capital, filed a motion for class certification on the 6th of January, 2020. These plaintiffs are now pursuing claims on behalf of the FXCM investors, namely the Securities Exchange Act of 1934, Rules 10(b) and 20(a), referred to only as “Exchange Act” within this case. The class action was filed against FXCM itself, as well as the Chief Dealer, Co-Founder, and managing director of the company, William Ahdout. The other Defendant was none other than Dror Niv, the other co-founder that stood as the Chairman of the Board and CEO.
As it stands now, the lawsuit is still gearing up to happen. What the final verdict will remain to be seen, but it will be quite an interesting class-action lawsuit.