Lucid Markets LLP, a defunct foreign exchange trading firm, recorded an unexpected $7.2 million profit for the year ending June 2024 after receiving settlement payments from a major antitrust lawsuit targeting the forex industry.
The London-based partnership, which ceased trading operations in 2018 and has been winding down ever since, saw its fortunes dramatically reverse thanks to a $7.2 million payout from the Foreign Exchange Benchmark Rates Antitrust Litigation. The case targeted 15 major banks accused of manipulating foreign exchange markets between 2003 and 2015.
Dormant FX Firm Lucid Markets Books $7.2M Profit From Antitrust Settlement
The settlement income completely transformed Lucid Markets' financial position. The company swung from an operating loss of $7,383 in 2023 to an operating profit of $7.2 million in 2024, with the entire gain attributed to "other operating income" from the legal settlement.
Lucid Markets was eligible for the payout because it operated as an electronic market maker in institutional foreign exchange spot and futures markets before shutting down. The company's financial statements indicate it "ceased trading in the previous period" and initiated its wind-down process in January 2018.
The partnership's parent company, Lucid Markets Trading Limited, also benefited from the windfall. The holding company recorded a profit of $7.2 million for 2024 compared to an $18,142 loss the previous year.
Additional Payments Expected From Ongoing Case
Lucid Markets disclosed that additional settlement payments may be coming. The company noted it received portions of the settlement in "October 2024, November 2024 and August 2025," suggesting the litigation involves multiple defendants with staggered payment schedules.
The Foreign Exchange Benchmark Rates Antitrust Litigation resulted in a total settlement of $2.31 billion from 15 major banks, including JPMorgan Chase, Citigroup, Bank of America, and others. The case alleged the banks conspired to fix prices in the massive foreign exchange market.
Wind-Down Process Continues Despite Windfall
Despite the substantial settlement income, both Lucid Markets entities continue their planned dissolution. The companies' financial statements were prepared "on a basis other than the going concern basis," and directors stated they "intend to continue to wind down the business in an orderly and solvent manner."
The settlement looks like a rare piece of good fortune for the defunct trading firm, which accumulated substantial losses before ceasing operations. The company's net assets jumped from $63,771 in 2023 to $7.3 million in 2024, entirely due to the antitrust recovery.
Lucid Markets is ultimately controlled by Jefferies Financial Group Inc., which acquired the parent company structure in September 2023. The trading partnership was originally part of the FXCM Group before changing hands.
