Monex Hits Back At Drugmaker's £19M Forex Contracts Suit

By Ronan Barnard (May 9, 2022, 6:55 PM BST) -- A Monex subsidiary has rebuffed an Indian drugmaker's £19.4 million ($24 million) lawsuit for canceling currency exchange contracts, saying it was entitled to do so after the pharma firm's offices were raided by the country's authorities.

Monex Europe Markets Ltd. said in a High Court defense filed on April 27 but recently made public that it closed out currency trades with Dishman Carbogen Amcis Ltd. because the drugmaker's offices were raided by Indian authorities. This caused its share price to collapse and jeopardized the whole trade, according to the filing. 

Dishman said the forex giant did not "reasonably, alternatively rationally" find...

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