In re Global Brokerage, Inc. f/k/a FXCM Inc. Securities Litigation
- Ronnie Abrams
- 1:17-cv-00916
- U.S. District Court · Southern District of New York
- 2
In re Global Brokerage Securities Litigation: Judge Ronnie Abrams granted class certification in part and denied it in part.
The ruling affects people and entities that purchased or otherwise acquired Global Brokerage, Inc. f/k/a FXCM Inc. Class A common stock during the certified period, as well as the parties to the securities litigation. It does not certify a class for the 2.25% Convertible Senior Notes due 2018.
What happened
In re Global Brokerage, Inc. f/k/a FXCM Inc. Securities Litigation concerned plaintiffs’ request to represent groups of investors in a securities lawsuit. The court reviewed a magistrate judge’s recommendation about whether those groups met the requirements for a class action.
The court certified a class of people and entities that purchased or otherwise acquired publicly traded Global Brokerage, Inc. f/k/a FXCM Inc. Class A common stock between March 15, 2012, and February 6, 2017. The court did not certify a class for holders of FXCM’s 2.25% Convertible Senior Notes due 2018. Shipco and E-Global were appointed class representatives, and the Rosen Law Firm, P.A. was appointed class counsel.
Judge Ronnie Abrams adopted the recommendation in full after finding no clear error and noting that the parties did not object. She granted the class-certification motion in part for the Class A common stock and denied it in part for the senior notes, directed the Clerk to terminate the motion, and directed the Clerk to lift the stay.
The detailed version
- In re Global Brokerage, Inc. f/k/a FXCM Inc. Securities Litigation · No. 1:17-cv-00916
- Ronnie Abrams
- Mar. 23, 2021
Background
Plaintiffs moved for class certification under Federal Rule of Civil Procedure 23(a) and (b)(3). Magistrate Judge Moses issued a report and recommendation on March 18, 2021. The recommendation was to grant certification for purchasers of FXCM’s Class A common stock and deny certification for holders of FXCM’s 2.25% Convertible Senior Notes due 2018. The parties filed a joint letter stating that they would not object to the recommendation.
Court’s Review
When parties do not object to a magistrate judge’s recommendation, the district court may adopt it after reviewing the record for clear error. Judge Abrams stated that she reviewed the report under that standard and found no clear error. She adopted Judge Moses’s report in its entirety.
Ruling
The court granted plaintiffs’ class-certification motion in part, as to FXCM’s Class A common stock, and denied it in part, as to the 2.25% Convertible Senior Notes due 2018.
The certified class consists of all persons and entities that purchased or otherwise acquired publicly traded Global Brokerage, Inc. f/k/a FXCM Inc. Class A common stock during the period from March 15, 2012, through February 6, 2017, inclusive. The listed exclusions include the defendants; current and former officers, employees, consultants, and directors of FXCM and FXCM Holdings, LLC; specified family and household members; affiliated, controlled, or substantially owned entities; and specified legal representatives, heirs, successors, and assigns.
The court appointed Shipco and E-Global as class representatives and the Rosen Law Firm, P.A. as class counsel. It directed the Clerk of Court to terminate the pending class-certification motion and to lift the stay entered on August 21, 2021.
Read the full 2-page opinion on CourtListener, the free public archive maintained by the Free Law Project.