A little over a year ago Morgan Business Trial Group has announced that it filed a class action suit against FXDD. In basis of the complaint is the allegedly aggressive and misleading marketing by FXDD as well as that it is in fact a market maker which goes after its clients and doesn’t STP all orders as it claims. The Plaintiff Hugo Cruz has allegedly lost almost $300,000 due to these practices.
Two months later Morgan withdrew and refiled the suit saying that: “It’s just a procedural step in amending our Complaint. We anticipate fleshing out more allegations.”
Now all this comes to an end as the New York court dismissed the suit with prejudice.
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FXDD, a leader in online Forex trading and education, today announced that the case against the firm was dismissed February 29, 2012 on all counts with prejudice. The United States District Court, Southern District of New York issued the ruling and directed the Clerk to enter judgment and terminate this case.
“At FXDD, we take these matters seriously and we protect our hard earned reputation for fairness, integrity and good practices. This lawsuit was without merit and as a matter of law was properly dismissed by Judge Crotty,” said James E. Green, FXDD Managing Director and Chief Compliance Officer. “Given the tumultuous economy and its impact on the investment community, it is understandable that some traders may be frustrated with the markets. However, FXDD is not to blame.”
The basis of the Plaintiff’s claim against FXDD was for alleged unfair business practices impacting customers’ profitability. All claims were dismissed with prejudice as of the February 29, 2012 ruling.