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(EMAILWIRE.COM, April 05, 2011 ) Orlando, Florida – Morgan and Morgan’s business trial group has filed a class action lawsuit against Forex Capital Markets LLC (FXCM), accusing the nation’s largest Forex dealer of fraud and racketeering. The lawsuit was filed in the United States District Court for the Southern District of New York (Manhattan Division) and is brought on behalf of a plaintiff in Oklahoma, as well as other similarly situated FXCM customers. If you are a former or current customer of FXCM and believe you suffered losses as a result of this alleged fraud and racketeering, visit http://businesstrialgroup.com and complete the initial case review form for a no cost, no obligation evaluation of your claim.
According to the Forex class action lawsuit, FXCM allegedly cheated thousands of customers out of their money through the use of unfair and deceptive trade practices. The suit accuses the Forex dealer of misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. The class action lawsuit alleges that FXCM instead utilized a set of devices, such as software applications, designed with the purpose of interfering with customersÂ’ trades.
According to the complaint, FXCM allegedly partook in racketeering activity by working with its software developers and programmers to create an application which supplies the Forex dealer with a number of tools and system commands which could interfere with customersÂ’ trades. These devices allegedly allowed the dealer to route trades to slower servers and send false error messages when customers tried to close out profitable trades.
Lastly, the complaint alleges that the dealer lured thousands of customers by promoting a demo account, which was advertised as providing customers with a true market trading experience. Rather, the complaint alleges, once live trading began, the dealer used its software to manipulate customersÂ’ trades.
Trial attorney Tucker H. Byrd of the Business Trial Group commented on the allegations in the Forex class action case, stating, “We believe, as the Complaint alleges, that Forex Capital Markets, LLC has taken advantage of the trust placed in it by its customers, causing substantial financial harm to this group of people, and we are committed to working to recover those losses.”
The Business Trial Group at Morgan and Morgan works to preserve and protect the rights of both individuals and companies who have wrongfully suffered business or investment losses. If you have a potential case to discuss with the business trial lawyers at Morgan and Morgan, please visit BusinessTrialGroup.com and complete the free case evaluation form.
About Morgan and Morgan
Morgan and Morgan is one of the largest Personal Injury law firms in the country with multiple office locations throughout Florida and the Southeast. The firm handles auto accident cases, personal injury cases, and medical malpractice cases, as well as claims against drug and medical device manufacturers. Visit Morgan and Morgan online at http://www.forthepeople.com/ for a free case evaluation and information about your legal rights.
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