Merrill Lynch Escapes Broker's Swiss Flash Crash Suit

Law360, London (May 1, 2019, 2:26 PM BST) -- Merrill Lynch doesn't have to recoup a foreign exchange broker's losses of €20 million ($22.5 million) in trades executed during the Swiss franc flash-crash in 2015 after a London judge tossed the lawsuit Wednesday morning. 

There is no evidence that Merrill Lynch was contractually obliged to cancel the trades nor retroactively raise their price to the official market low, the High Court judge said. (AP) High Court Judge Clare Moulder ruled that Merrill Lynch International was under no obligation to correct the price of trades the company booked for the broker the day Switzerland lifted the cap on the franc's exchange rate...

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