This case was last updated from PACER on 08/05/2021 at 06:46:02 (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

  • Courthouse:

    New York Southern District

 

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 Attorney

Daniel Lawrence Brockett

Attorney at Quinn Emanuel

51 Madison Avenue, 22Nd Floor

New York, NY 10010

 

Court Documents

#4

(#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)

#3

(#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)

#2

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

#1

(#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)

 

Docket Entries

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

    Read MoreRead Less
  • 08/04/2021
  • View Court Documents
  • 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)

    Read MoreRead Less
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