This case was last updated from U.S. District Courts on 10/03/2021 at 08:31:00 (UTC).

Edmar Financial Company, LLC et al v. Currenex, Inc. et al

Case Summary

On August 4, 2021, Edmar Financial Company and Irish Blue & Gold, Inc., (collectively, “Plaintiffs”), represented by Daniel Lawrence Brockett of Quinn Emanuel Urquhart & Sullivan, LLP, filed an antitrust action against Currenex, Inc. (“Currenex”), Goldman Sachs & Co. LLC, HC Technologies, LLC, State Street Bank and Trust Company, and John Doe (collectively, “Defendants”) seeking maintainability, treble damages, and injunctive relief for alleged violation of fraudulent misrepresentation, omission, and breach of the duty of good faith and fair dealing. This case was filed in U.S. District Court in the Southern District of New York.

In its complaint, the Plaintiffs alleged that, “A fundamental feature of an ECN is the system by which bids and offers are matched to execute trades. The industry standard for matching bids and asks is called FIFO, which stands for first in, first out. Unbeknownst to Plaintiffs and members of the class, instead of operating a true FIFO order book, Currenex operated a rigged auction. Currenex entered into secret priority agreements with certain privileged liquidity providers—State Street, Goldman Sachs, HC Technologies, and the Doe Defendants (together, the “Trading Defendants”)—under which the Trading Defendants could jump in line and consummate a trade without entering a competing quote.”

The Plaintiffs further alleged that, “With these secret agreements in place, the Trading Defendants’ incentive to compete for trades was suppressed or removed entirely. As a result, prices and spreads on Currenex became artificial, and Plaintiffs and members of the class paid too much when buying and received too little when selling.”

The Plaintiffs also alleged that, “The existence of ‘last look’ rights was hidden for a large part of the relevant period. But even when the existence of last look rights in general was disclosed in 2015, Plaintiffs were misled as to how often their trades would be cancelled pursuant to these “last look” superpowers. That is, Plaintiffs and members of the class did not know of the “jump in line” right, and thus could not know that an artificially high number of their trades were being funneled to the subset of Platform participants who also had the “last look” rights. This further increased Plaintiffs’ execution costs.”

The Plaintiff has listed out seven claims for relief. The first and the fifth claims are for alleged conspiracy to restrain trade in violation of Section 1 of the Sherman Act and unjust enrichment against all defendants. The second and fourth claims are for alleged fraud and breach of good faith and fair dealing against Currenex. The third claim is for alleged aiding and abetting fraud against the trading defendants. The sixth and seventh claims are for alleged violation of civil RICO and 18 U.S.C. § 1962(c) & (d) against Currenex, State Street, and HC Tech.

In its prayer for relief, the Plaintiffs requested the Court  maintain the class action pursuant to Federal Rule of Civil Procedure 23(a) and (b)(3). Plaintiffs further requested a decree for violation of Section 1 of the Sherman Antitrust Act, and permanent injunction and restraining for continuing and maintaining the conspiracy alleged under Section 16 of the Clayton Antitrust Act. Further, the Plaintiffs requested  compensatory and trebled damages for violation of Section 4 of Clayton Antitrust Act, RICO, and for fraudulent misrepresentation, fraudulent omission, and breach of the duty of good faith and fair dealing or any other relief as may be necessary and appropriate.

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-06598

  • Filing Date:

    08/04/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Other - Antitrust

Judge Details

Presiding Judge

Lewis A. Kaplan

 

Party Details

Plaintiffs

Edmar Financial Company, LLC

Irish Blue & Gold, Inc.,

Defendants

Currenex, Inc.

Goldman Sachs & Co. LLC

HC Technologies, LLC

State Street Bank and Trust Company

John Doe Defendants 1-5

Attorney/Law Firm Details

Plaintiff Attorneys

Daniel Lawrence Brockett

Attorney at Quinn Emanuel

51 Madison Avenue, 22Nd Floor

New York, NY 10010

Christopher Mun-Yin Seck

Attorney at Quinn Emanuel Urquhart & Sullivan (NYC)

51 Madison Avenue

New York, NY 10010

Jeremy Daniel Andersen

Attorney at Quinn, Emanuel, Urquhart, Oliver & Hedges, LLP (CA)

865 South Figueroa Street, 10Th Flr.

Los Angeles, CA 90017

Mark Ruddy

Attorney at Ruddy Gregory, PLLC

1225 15Th St Nw

Washington, DC 20005

Defendant Attorneys

Gregg L Weiner

Attorney at Ropes & Gray, LLP

1211 Avenue Of The Americas

New York, NY 10036

Alexander Simkin

Attorney at Ropes & Gray LLP

1211 Avenue Of Americas

New York, NY 10036

Robert G. Jones

Attorney at Ropes & Gray LLP(BO)

Prudential Tower, 800 Boylston Street

Boston, MA 02199

Samer Makram Musallam

Attorney at Ropes & Gray LLP

2099 Pennsylvania Ave Nw

Washington, DC 20006

Carmine D. Boccuzzi, Jr

Attorney at Cleary Gottlieb

One Liberty Plaza

New York, NY 10006

Rishi Nachiketa Zutshi

Attorney at Cleary Gottlieb Steen & Hamilton LLP (NYC)

One Liberty Plaza

New York, NY 10006

Peter Ginewicz Wilson

Attorney at Katten Muchin Rosenman LLP (Chicago)

525 W. Monroe St.

Chicago, IL 60661

Elliott Morris Bacon

Attorney at Katten Muchin Rosenman LLP (Chicago)

525 W. Monroe St.

Chicago, IL 60661

 

Court Documents

#27

#26

25 #3

Proposed Order

25 #2

Declaration Of Elliott M. Bacon In Support

25 #1

Certificate Of Good Standing

25 #25

Main Document

#22

11 #3

Text of Proposed Order

11 #2

Certificate of Good Standing from the Supreme Court of California

11 #1

Affidavit of Jeremy Andersen

11 #11

Main Document

#7

#6

#5

#4

#3

#2

#1

31 More Documents Available
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Docket Entries

  • 09/15/2021
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  • Docket(#27) ORDER FOR ADMISSION PRO HAC VICE granting #11 Motion for Jeremy D. Andersen to Appear Pro Hac Vice. IT IS HEREBY ORDERED that Applicant is admitted to practice Pro Hae Vice in the above-captioned case in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. (Signed by Judge Lewis A. Kaplan on 9/15/2021) (va) (Entered: 09/15/2021)

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  • 09/15/2021
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  • Docket(#26) MEMO ENDORSED ORDER granting #25 Motion for Elliott M. Bacon to Appear Pro Hac Vice. ENDORSEMENT: So Ordered. (Signed by Judge Lewis A. Kaplan on 9/14/21) (yv) (Entered: 09/15/2021)

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  • 09/03/2021
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  • Docket>>>NOTICE REGARDING PRO HAC VICE MOTION. Regarding Document No. #25 MOTION for Elliott M. Bacon to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-25016404. Motion and supporting papers to be reviewed by Clerk's Office staff.. The document has been reviewed and there are no deficiencies. (vba) (Entered: 09/03/2021)

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  • 09/02/2021
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  • Docket(#25) MOTION for Elliott M. Bacon to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-25016404. Motion and supporting papers to be reviewed by Clerk's Office staff. Document filed by HC Technologies, LLC. (Attachments: #1 Certificate Of Good Standing, #2 Declaration Of Elliott M. Bacon In Support, #3 Proposed Order).(Bacon, Elliott) (Entered: 09/02/2021)

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  • 09/02/2021
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  • Docket(#24) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #22 Motion for Samer M. Musallam to Appear Pro Hac Vice. The motion of Samer M. Musallam for admission to practice pro hac vice in the above-captioned action is granted. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. SO ORDERED. (Signed by Judge Lewis A. Kaplan on 9/2/21) (yv) (Entered: 09/02/2021)

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  • 09/01/2021
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  • Docket(#23) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #21 Motion for Robert G. Jones to Appear Pro Hac Vice. The motion of Robert G. Jones for admission to practice pro hac vice in the above-captioned action is granted. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. SO ORDERED. (Signed by Judge Lewis A. Kaplan on 9/1/21) (yv) (Entered: 09/01/2021)

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  • 09/01/2021
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  • Docket>>>NOTICE REGARDING PRO HAC VICE MOTION. Regarding Document No. #22 MOTION for Samer M. Musallam to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-25004082. Motion and supporting papers to be reviewed by Clerk's Office staff.. The document has been reviewed and there are no deficiencies. (wb) (Entered: 09/01/2021)

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  • 08/31/2021
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  • Docket(#22) MOTION for Samer M. Musallam to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-25004082. Motion and supporting papers to be reviewed by Clerk's Office staff. Document filed by Currenex, Inc., State Street Bank and Trust Company..(Musallam, Samer) (Entered: 08/31/2021)

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  • 08/31/2021
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  • Docket>>>NOTICE REGARDING PRO HAC VICE MOTION. Regarding Document No. #21 MOTION for Robert G. Jones to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-25001921. Motion and supporting papers to be reviewed by Clerk's Office staff.. The document has been reviewed and there are no deficiencies. (wb) (Entered: 08/31/2021)

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  • 08/31/2021
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  • Docket(#21) MOTION for Robert G. Jones to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-25001921. Motion and supporting papers to be reviewed by Clerk's Office staff. Document filed by Currenex, Inc., State Street Bank and Trust Company..(Jones, Robert) (Entered: 08/31/2021)

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15 More Docket Entries
  • 08/05/2021
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  • Docket(#7) NOTICE OF APPEARANCE by Christopher Mun-Yin Seck on behalf of Edmar Financial Company, LLC, Irish Blue & Gold, Inc.,..(Seck, Christopher) (Entered: 08/05/2021)

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  • 08/05/2021
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  • Docket(#6) NOTICE OF APPEARANCE by Daniel Lawrence Brockett on behalf of Edmar Financial Company, LLC, Irish Blue & Gold, Inc.,..(Brockett, Daniel) (Entered: 08/05/2021)

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  • 08/05/2021
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  • Docket(#5) ELECTRONIC SUMMONS ISSUED as to Currenex, Inc., Goldman Sachs & Co. LLC, HC Technologies, LLC, State Street Bank and Trust Company..(pc) (Entered: 08/05/2021)

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  • 08/05/2021
  • DocketCase Designated ECF. (pc) (Entered: 08/05/2021)

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  • 08/05/2021
  • DocketMagistrate Judge Ona T. Wang is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (pc) (Entered: 08/05/2021)

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  • 08/05/2021
  • DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Lewis A. Kaplan. Please download and review the Individual Practices of the assigned District Judge, located at #https://nysd.uscourts.gov/judges/district-judges. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at #https://nysd.uscourts.gov/rules/ecf-related-instructions..(pc) (Entered: 08/05/2021)

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  • 08/04/2021
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  • Docket(#4) RULE 7.1 CORPORATE DISCLOSURE STATEMENT. No Corporate Parent. Document filed by Edmar Financial Company, LLC, Irish Blue & Gold, Inc.,..(Brockett, Daniel) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Currenex, Inc., Goldman, Sachs & Co. LLC, HC Technologies, LLC, State Street Bank and Trust Company, re: #1 Complaint,. Document filed by Edmar Financial Company, LLC, Irish Blue & Gold, Inc.,..(Brockett, Daniel) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#2) CIVIL COVER SHEET filed..(Brockett, Daniel) (Entered: 08/04/2021)

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  • 08/04/2021
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  • Docket(#1) COMPLAINT against Currenex, Inc., Goldman Sachs & Co. LLC, HC Technologies, LLC, John Doe Defendants 1-5, State Street Bank and Trust Company. (Filing Fee $ 402.00, Receipt Number ANYSDC-24889198)Document filed by Edmar Financial Company, LLC, Irish Blue & Gold, Inc.,..(Brockett, Daniel) (Entered: 08/04/2021)

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