FXCM Stockholders, But Not Noteholders, Granted Class Cert.

By Dean Seal (March 23, 2021, 10:04 PM EDT) -- A New York federal judge granted certification Tuesday to an investor class accusing FXCM of secretly trading against its own customers, but she declined to extend that certification to the online foreign exchange broker's noteholders.

U.S. District Judge Ronnie Abrams adopted the recommendation of a federal magistrate judge who found that class certification was appropriate for purchasers of FXCM's common stock but not holders of FXCM's notes, as there are no more than 20 potential members of that sub-class and each is a qualified institutional buyer capable of suing individually.

"Certification of the Notes Class is precluded for this reason alone,"...

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