I just had a chance to speak to FXDD who informed me of the following: Morgan and Morgan Business Trial Group, who filed a class action suit against FXCM and FXDD less then two months ago, have just withdrew their suit against FXDD.
Morgan and Morgan had this to say when I contacted them: “It’s just a procedural step in amending our Complaint. We anticipate fleshing out more allegations.”
At the time of filing the suit Morgan alleged the following: “The lawsuit, filed on February 11 in the United States District Court for the Southern District of New York (Manhattan Division), is the second class action lawsuit filed by the firm against Forex dealers in the past week, alleging fraud, deceptive trade practices, and racketeering. On February 8, The Business Trial Group filed a similar case against Forex Capital Markets, LLC (FXCM). As in the FXCM case, the suit alleges that FXDD has defrauded thousands of customers using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as “transparent,” when instead it is a “rigged game,” designed to systematically separate customers from their money.”
I don’t have much more information about this but I guess the fact speaks for itself. There’s no info whether the suit against FXCM was withdrawn as well.