He actually already explained that here: http://www.elitetrader.com/vb/showthread.php?threadid=97124&perpage=6&pagenumber=6
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class action against FXCM
- Thread starter cking74
- Start date
He actually already explained that here: http://www.elitetrader.com/vb/showthread.php?threadid=97124&perpage=6&pagenumber=6
FXCM- PR Rep
ET Sponsor
FXCM Responds: The Facts Regarding "The Lawsuit"
There has been significant discussion on this thread about a lawsuit pending against FXCM. A large portion of the information is factually incorrect. This post will hopefully provide a more accurate assessment of "The Lawsuit"
* There is no class-action case pending against FXCM. There is a case filed by a single plaintiff.
* We believe the case has no merit. In fact, one law firm representing the plaintiff has already withdrawn representation.
* The plaintiff has been sued by the Federal Government for bank fraud.
There is no class action pending against FXCM in California Federal Court or any other court. The case referenced in this thread, #07-00349, was filed by an individual, and is specific to that individualâs claims, which FXCM believes to be entirely baseless. The case is sufficiently weak that one law firm has already withdrawn its representation and decided not to take the individualâs case.
A public solicitation for others to âjoinâ a non-existent class action suit appears to be nothing more than a desperate and shameless attempt to bolster his position at the negotiating table.
It is worth noting that the individual suing FXCM was himself the subject of a federal lawsuit (No. 02-56905, No. 02-56911), in which the U.S. government alleged that he had perpetrated bank fraud - to the tune of nearly $750,000.00 - in violation of federal law. In its case, the government alleged that the individual engaged in a deceptive scheme to defraud a financial institution.
Please direct any further questions to FXCM.
Thank you,
Jaclyn Sales
Public Relations Coordinator
FXCM
Financial Square
32 Old Slip, 5th Floor
New York, NY 10005
Dir (646) 432-2463
Tel (212) 897-7660
jsales@fxcm.com
There has been significant discussion on this thread about a lawsuit pending against FXCM. A large portion of the information is factually incorrect. This post will hopefully provide a more accurate assessment of "The Lawsuit"
* There is no class-action case pending against FXCM. There is a case filed by a single plaintiff.
* We believe the case has no merit. In fact, one law firm representing the plaintiff has already withdrawn representation.
* The plaintiff has been sued by the Federal Government for bank fraud.
There is no class action pending against FXCM in California Federal Court or any other court. The case referenced in this thread, #07-00349, was filed by an individual, and is specific to that individualâs claims, which FXCM believes to be entirely baseless. The case is sufficiently weak that one law firm has already withdrawn its representation and decided not to take the individualâs case.
A public solicitation for others to âjoinâ a non-existent class action suit appears to be nothing more than a desperate and shameless attempt to bolster his position at the negotiating table.
It is worth noting that the individual suing FXCM was himself the subject of a federal lawsuit (No. 02-56905, No. 02-56911), in which the U.S. government alleged that he had perpetrated bank fraud - to the tune of nearly $750,000.00 - in violation of federal law. In its case, the government alleged that the individual engaged in a deceptive scheme to defraud a financial institution.
Please direct any further questions to FXCM.
Thank you,
Jaclyn Sales
Public Relations Coordinator
FXCM
Financial Square
32 Old Slip, 5th Floor
New York, NY 10005
Dir (646) 432-2463
Tel (212) 897-7660
jsales@fxcm.com
Quote from Stevie_G_5:
He actually already explained that here: http://www.elitetrader.com/vb/showthread.php?threadid=97124&perpage=6&pagenumber=6
ok, thanks.
surf
To set the record straight;
FXCM admits that it has been sued, however it appears to be more interested in attacking his own customer, the plaintiff, rather than to answer the allegations in the complaint. In fact FXCM has refused to provide the incriminating evidence requested.
FXCM makes false and defamatory allegations that need a response and may be additional causes of action against FXCM.
Specific response to some FXCM statements:
* "There is no class-action case pending against FXCM. There is a case filed by a single plaintiff".
Nobody said that the federal lawsuit against FXCM is a class action at this time. Attorneys will seek certification as a class action. Those who have lost money because of FXCMâs fault can join the lawsuit right now as individual plaintiffs, or alternatively, as members of the class if and when certification is obtained.
* "We believe the case has no merit. In fact, one law firm representing the plaintiff has already withdrawn representation".
That is what defendants always say. The fact that one attorney may have withdrawn representation is unrelated to the merits of the case. FXCM itself has changed attorneys.
* "The plaintiff has been sued by the Federal Government for bank fraud".
False
* "It is worth noting that the individual suing FXCM was himself the subject of a federal lawsuit (No. 02-56905, No. 02-56911), in which the U.S. government alleged that he had perpetrated bank fraud - to the tune of nearly $750,000.00 - in violation of federal law. In its case, the government alleged that the individual engaged in a deceptive scheme to defraud a financial institution".
False
* "A public solicitation for others to âjoinâ a non-existent class action suit appears to be nothing more than a desperate and shameless attempt to bolster his position at the negotiating table".
We appreciate here less self-serving conclusions and more facts, like a response to the fraudulent scheme perpetrated by FXCM to its customers, and the data behind it. If FXCM refutes it, show it.
The public offer to join the lawsuit is for the benefit of those involved.
FXCM admits that it has been sued, however it appears to be more interested in attacking his own customer, the plaintiff, rather than to answer the allegations in the complaint. In fact FXCM has refused to provide the incriminating evidence requested.
FXCM makes false and defamatory allegations that need a response and may be additional causes of action against FXCM.
Specific response to some FXCM statements:
* "There is no class-action case pending against FXCM. There is a case filed by a single plaintiff".
Nobody said that the federal lawsuit against FXCM is a class action at this time. Attorneys will seek certification as a class action. Those who have lost money because of FXCMâs fault can join the lawsuit right now as individual plaintiffs, or alternatively, as members of the class if and when certification is obtained.
* "We believe the case has no merit. In fact, one law firm representing the plaintiff has already withdrawn representation".
That is what defendants always say. The fact that one attorney may have withdrawn representation is unrelated to the merits of the case. FXCM itself has changed attorneys.
* "The plaintiff has been sued by the Federal Government for bank fraud".
False
* "It is worth noting that the individual suing FXCM was himself the subject of a federal lawsuit (No. 02-56905, No. 02-56911), in which the U.S. government alleged that he had perpetrated bank fraud - to the tune of nearly $750,000.00 - in violation of federal law. In its case, the government alleged that the individual engaged in a deceptive scheme to defraud a financial institution".
False
* "A public solicitation for others to âjoinâ a non-existent class action suit appears to be nothing more than a desperate and shameless attempt to bolster his position at the negotiating table".
We appreciate here less self-serving conclusions and more facts, like a response to the fraudulent scheme perpetrated by FXCM to its customers, and the data behind it. If FXCM refutes it, show it.
The public offer to join the lawsuit is for the benefit of those involved.
It is worth noting that the individual suing FXCM was himself the subject of a federal lawsuit (No. 02-56905, No. 02-56911), in which the U.S. government alleged that he had perpetrated bank fraud - to the tune of nearly $750,000.00 - in violation of federal law. In its case, the government alleged that the individual engaged in a deceptive scheme to defraud a financial institution.
LOL! This guy sounds like he does these lawsuits for a living. Hey buddy how many times you sued insurance companies for "slip and fall" cases?! What a joker.
Creed, plaese read before posting.
Your quoted text was noted as false.
Or are you with FXCM?
Your quoted text was noted as false.
Or are you with FXCM?