Broker Pushes To Revive Merrill Lynch Flash Crash Suit

Law360, London (February 4, 2020, 5:16 PM GMT) -- Merrill Lynch broke its contract with CFH Clearing Ltd. with how it repriced trades for the brokerage during the Swiss franc flash-crash in 2015, the broker's lawyer told an appellate court Tuesday in a bid to revive a suit against the bank.

Stephen Auld QC, counsel for CFH, said that High Court Judge Clare Moulder was wrong when she granted Merrill Lynch summary judgment and dismissed his client’s claim over the losses it allegedly incurred on the trades. 

The brokerage maintains that it lost millions because Merrill Lynch priced dozens of foreign exchange trades below the lowest accepted market value the day...

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