Merrill Lynch Seeks To Escape Swiss Forex Crash Suit
Law360, London (April 9, 2019, 11:00 PM BST) -- Merrill Lynch urged a London court Tuesday to toss a foreign exchange broker’s lawsuit over losses on €20 million ($23 million) worth of trades the day Switzerland lifted a cap on the franc’s exchange rate against the euro, saying such transactions include an assumption of risk.
Merrill Lynch International urged High Court Judge Clare Moulder to grant a summary dismissal of CFH Clearing Ltd.'s lawsuit, arguing the brokerage house was an experienced firm with an understanding of the markets.
The bank’s lawyer, Andrew Twigger of Maitland Chambers, argued that CFH was off base to say his client abandoned its contractual duty by...
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