US Attorneys Plan Investigations into FXCM & Possible Breaches of Equities Rules
- Two US law firm have issued press releases informing the public that they are investigating possible violation of securities rules that occurred when FXCM's share price plummeted 90% in the midst of the CHF problems.
Two US law firms have publicly stated that they are investigating listed multi-asset broker, FXCM, for possible violations of the Securities Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Act 1934 10(b) and 20(a). Owners of FXCM shares are believed to be in discussions with the attorneys as investigations into the firm come on the back of the massive price drop on Friday the 16th, which saw the stock diving 90%, and consequently being halted by authorities.
The news adds to FXCM’s worries, as details of the broker's dealings with Leucadia show that the conditions are tough, coupled with its notification of a $225 million loss on the back of CHF price moves.
Leading attorneys in the US, who specialize in financial markets, are investigating the US-based broker. Robert S. Willoughby of Pomerantz and Eduard Korsinsky of Levi & Korsinsky are investigating the matter.
FXCM, one of the largest and most established Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term providers to retail and institutional traders, suffered a hefty loss on the back of the CHF moves. As a result, the firm was in financial difficulty and required emergency bailout. The firm received a $300 million payout by holding firm Leucadia, the firm that owns Jefferies, a financial services institute.
Both attorneys are requesting FXCM shareholders to contact them with details of their stock ownership. FXCM's share price has been trading in the green with the share price rising fifty percent today.
Both law firms were not available for comment.
One of the law firms, Levi & Korsinsky LLP, has an online form for users to complete and provide details of their holdings. On the website the firm adds a retainer agreement which outlines the costing structure for the investigation. It states: "(Levi & Korsinsky) We agree to advance all expenses in the litigation, which means that you are not liable to pay any of the expenses of the lawsuit, whether attorneys' fees or costs.
Regardless of the result, we will never ask you to directly pay for any attorneys' fees or costs. Should we obtain a favorable result, we may ask the court to award us compensation to be paid by the defendants or as a portion of any class benefit, but, again, we will never ask you to directly pay any of the costs of this litigation.”
Two US law firms have publicly stated that they are investigating listed multi-asset broker, FXCM, for possible violations of the Securities Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Act 1934 10(b) and 20(a). Owners of FXCM shares are believed to be in discussions with the attorneys as investigations into the firm come on the back of the massive price drop on Friday the 16th, which saw the stock diving 90%, and consequently being halted by authorities.
The news adds to FXCM’s worries, as details of the broker's dealings with Leucadia show that the conditions are tough, coupled with its notification of a $225 million loss on the back of CHF price moves.
Leading attorneys in the US, who specialize in financial markets, are investigating the US-based broker. Robert S. Willoughby of Pomerantz and Eduard Korsinsky of Levi & Korsinsky are investigating the matter.
FXCM, one of the largest and most established Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term providers to retail and institutional traders, suffered a hefty loss on the back of the CHF moves. As a result, the firm was in financial difficulty and required emergency bailout. The firm received a $300 million payout by holding firm Leucadia, the firm that owns Jefferies, a financial services institute.
Both attorneys are requesting FXCM shareholders to contact them with details of their stock ownership. FXCM's share price has been trading in the green with the share price rising fifty percent today.
Both law firms were not available for comment.
One of the law firms, Levi & Korsinsky LLP, has an online form for users to complete and provide details of their holdings. On the website the firm adds a retainer agreement which outlines the costing structure for the investigation. It states: "(Levi & Korsinsky) We agree to advance all expenses in the litigation, which means that you are not liable to pay any of the expenses of the lawsuit, whether attorneys' fees or costs.
Regardless of the result, we will never ask you to directly pay for any attorneys' fees or costs. Should we obtain a favorable result, we may ask the court to award us compensation to be paid by the defendants or as a portion of any class benefit, but, again, we will never ask you to directly pay any of the costs of this litigation.”