UK Brokers Settle $3.7M Suit Over Payment Of Margin Calls

Law360, London (May 7, 2020, 2:28 PM BST) -- A broker has settled a $3.7 million dispute with a rival, which it tried to bar from using money held in client accounts to offset an amount owed under margin calls, according to a High Court order.

IBP Markets Ltd. has agreed to a confidential settlement with Marex Financial, a commodities brokerage that provides the company with clearing services and a trading portal, the consent order states.

The order means that IBP's claims, which alleges that Marex withheld money from IBP's customers to set off $3.7 million in outstanding funds under margin accounts, have been stayed. The settlement agreement was reached on...

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