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...

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