7th Circ. Won't Revive Forex Market Maker's Defamation Suit

Law360 (August 14, 2019, 3:51 PM EDT) -- The Seventh Circuit said Tuesday that foreign exchange market maker Effex Capital LLC should have taken its beef with the National Futures Association to regulators, not the district court.

An appellate panel affirmed the dismissal of Effex's claims that the NFA defamed it in documents related to a disciplinary decision involving FXCM Inc., a forex broker that used Effex as a liquidity provider for one of its platforms, and that because Effex was not a party to the disciplinary action, it had no ability to challenge the NFA's findings before they were published.

The three-judge panel sided with an Illinois federal...

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