Funds Win Retrial Of Forex Trading Fraud Suit On Appeal

Law360, London (August 9, 2019, 1:02 PM BST) -- An appellate court revived a fraud suit brought by two investment funds accusing foreign-exchange firm Ikon Finance of participating in a fictitious currency-trading scheme, ruling on Friday that a retrial is "the only just recourse" given the lower judge's failure to explain why he dismissed the suit.

The British Virgin Islands-based funds brought their suit after they transferred hundreds of millions of dollars based on Ikon accounts showing large profits, which they learnt were fictitious. (AP) The Court of Appeal found that High Court Judge Robin Knowles had not properly analyzed and tested evidence given during a three-week trial in 2018,...

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