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Effex Capital FXCM US exit case extended for petition filing

Amandeep Sonewane | Aug. 30, 2019
Effex Capital FXCM US exit case extended for petition filing

August 30, 2019 | AtoZ Markets - Effex Capital which is the unit involved in FXCM’s exit from the US retail Forex market got an extra time to decide on how to proceed further with a lawsuit against the National Futures Association (NFA).

As per the previous report, Effex Capital lost its appeal in the lawsuit with the Seventh Circuit U.S. Court of Appeals issuing Final Judgment upholding the District Court’s ruling in the case. According to the firm, NFA had mentioned it in the documents related to a settlement between the NFA and FXCM.

Moreover, before taking NFA to the court, the Court of Appeals sided with the District Court in that Effex Capital has not exhausted all administrative remedies available.

Read more: FCA warns of FXCM UK clone

However, it is also true that Effex Capital does not want to give up and requested an extension of time to decide for further actions. The firm said that the extra time was only necessary to allow the plaintiffs-appellants an opportunity to determine whether they will file a petition for rehearing en banc in this matter.

Effex Capital FXCM US exit case gets an extension

The court shall be due by September 17, 2019, and granted time as the extent that the appellants’ petition for rehearing or rehearing en banc.

Previously in its lawsuit against NFA, Effex Capital gets some relief and asked for an order requiring the NFA to remove the FXCM Settlement Documents from its website. Also, NFA asked to delete all references to Effex Capital or an alternative to provide Effex Capital with a “name clearing hearing.”

They also requested an order compelling the NFA to issue a new PR mentioning that:

(a) NFA did not make any findings against Effex or Dittami;

(b) Effex was not a de facto dealing desk of FXCM;

(c) Effex was not controlled by FXCM

(d) FXCM was not ordered to make any customer restitution.

Effex Capital also asked for a capital loss of $10,000,000 and to redress its constitutional pain which they had before.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.