Global brokerage, Inc., formerly FXCM Inc, is engaged in providing online foreign exchange trading, contract for difference trading, spread betting and related services.

According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) between September 4, 2009 through at least 2014, FXCM’s U.S. subsidiary engaged in false and misleading solicitations of its retail foreign exchange customers by concealing its relationship with its most important market maker and by misrepresenting that its “No Dealing Desk” platform had no conflicts of interest with its customers; (2) FXCM’s U.S. subsidiary made false statements to the National Futures Association about its relationship with the market maker; and (3) as a result, Defendants’ statements about FXCM’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A consolidated Complaint was filed on June 19, 2017. Defendants filed a Motion to Dismiss the consolidated Complaint on August 3. On December 15, the Court issued an order staying all claims against Defendant Global Brokerage, Inc, due to Global Brokerage's voluntary filing of a petition in the United States Bankruptcy Court in the Southern District of New York. On March 1, 2018, the Court issued an Order granting Defendants' Motion to Dismiss the case. Plaintiffs were given leave to amend the Complaint.

Plaintiffs filed an amended Complaint on April 6, 2018. On May 7, Defendants filed a Motion to Dismiss the amended Complaint. On March 28, 2019, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Lead Plaintiffs filed a third amended consolidated Complaint on April 17, 2019. On April 9, 2020, Plaintiffs filed a Motion for Class Certification. The Court issued an Order on March 23, 2021, granting in part and denying in part Plaintiffs' Motion for Class Certification.

Defendants filed a Motion for Summary Judgment on September 9, 2021. On August 17, 2022, the Court issued an Order denying Defendants' Motion for Summary Judgment. On September 20, Defendants filed a Motion to Certify for Interlocutory Appeal the Court's Order of August 17. On October 31, the Court denied the Motion for Certificate of Appealability.

The parties entered into a Stipulation of Settlement on February 1, 2023. The Court granted preliminary approval of the Settlement on February 21. On July 7, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On June 7, 2024, the Court issued an Order approving distribution of the Settlement funds.