2nd Circ. Won't Save FXCM Investor Suit A 2nd Time

Law360 (April 18, 2019, 2:52 PM EDT) -- The Second Circuit, which once revived an investor’s suit against foreign exchange trading company FXCM Inc. over losses tied to the depegging of the Swiss franc from the euro, will not be doing so again.

An appellate panel on Wednesday affirmed the lower court’s dismissal of a putative class action that aimed to hold FXCM responsible for an extreme dive in stock price following the Swiss National Bank’s abrupt decision to uncap the franc from the euro in 2015.

The pension fund leading the suit had argued that FXCM and its chief executive, Dror Niv, misled investors about the risks in...

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