The spat between FastMatch and its former CEO has come to an end. The global FX spot market operator today said it has reached a settlement agreement with its co-founder Dmitri Galinov, who sued the company last year claiming he was fired under false pretenses.
The exact details of the settlement were not disclosed, but FastMatch says it resolved the lawsuit filed by its ex-CEO against the company and its parent Euronext. The 44-year-old was fired in June 2018 and his lawsuit alleges that the process was carried out “improperly, unceremoniously and under false pretence.”
Under the terms of the agreement, FastMatch and its former boss would not admit any fault or wrongdoing in the case.
Last year, Euronext acquired an additional eight percent interest in FastMatch, which operates as a Euronext company since August 2017. In combination with the stake the exchange operator previously acquired, Euronext now owns over 97.3 percent interest in FastMatch.
Legal Risk Factor Beneath Ripple’s Lawsuit from SECGo to article >>
The additional interest was acquired by purchasing the remaining shares owned by the co-founding CEO for $.001 per share, or 0.01% of their actual worth.
Galinov filed his lawsuit against Euronext in New York last year for the unlawful termination of his employment, just over one year after Euronext acquired a 90 percent stake in a $153 million deal. The lawsuit also asserts that Galinov was denied millions of dollars as part of a ‘Machiavellian scheme’ orchestrated by the Amsterdam-headquartered global exchange giant.
He also alleges that he was unfairly dismissed after reporting ‘serious financial and ethical misconduct’ on the part of the senior management team at Euronext.
At the time, a Fastmatch spokesperson told Finance Magnates that the court filing details the reasons Dmitri Galinov was terminated for cause, including “disregard for his fiduciary duty and other violations of his employment agreement.”
“Euronext and FastMatch hold themselves to the highest ethical standards of trust and integrity, and we are confident that we have the facts and the law on our side. We have a great team and an innovative platform with FastMatch: we’re focused on growing the business and the opportunities ahead,” the spokesperson elaborated.