The spat between Euronext and the founder and former CEO of Fastmatch Dmitri Galinov is escalating quickly. After we reported on Monday on the former executive’s decision to file a lawsuit against the company, Euronext announced on Tuesday that it acquired a further eight percent interest in the eFX trading venue.
Galinov claims in a new lawsuit against the company and its parent Euronext that he was unfairly dismissed.
Contrasting Views from Fastmatch Owners
In contrast, the leading exchange operator states that Galinov was terminated for cause. In accordance with the acquisition deal for 90 percent of Fastmatch which the Amsterdam-headquartered company announced in May, it has acquired an additional 8 percent of the firm for a little over $1000. The price of the transaction has been reduced to $0.001 per share.
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Galinov states in his lawsuit that he is a victim of a “Machiavellian scheme” which cost him about $13 million.
Euronext has been operating the company since August 2017. Together with the majority stake purchased last year, the current holdings of the global exchange operator nets to an approximate 97.3% interest in FastMatch.
After Galinov was terminated from the company in June 2018, he was replaced by Kevin Wolf, US Head of FICC for Euronext. He has been a member of the Board of Directors of FastMatch since September 2017.
In his lawsuit, Galinov states that he was unfairly dismissed after he reported serious misconduct on the part of Euronext senior executives. He also claims to have been the target of “highly offensive, sexually charged comments.”
In response to a Finance Magnates inquiry, a company spokesperson stated that all employees of Euronext are expected to adhere to a high standard of professional conduct. The firm expressed confidence that the facts and the law are on its side in this conflict.