Forex Investor Must Post Defense Funds In 'Flash Crash' Suit
Law360, London (July 5, 2019, 6:18 PM BST) -- A civil court judge Friday ordered a British foreign exchange investor suing FXCM over a "flash crash" of the Swiss franc four years ago to submit funds to potentially cover the defense spending, saying the claimant’s litigation costs insurance policy didn’t provide the same security as cash.
Target Rich International Ltd., which sued Forex Capital Markets Ltd. for failing to stop trading during the franc’s sharp drop, must give the court £58,890 ($73,641) in security, the total estimated to cover the defendant’s litigation costs up to the exchange of witness statements, according to Friday’s oral ruling from barrister Martin Griffiths, sitting...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!