A Delaware Chancery Court judge allowed derivative claims against the directors of foreign exchange lender FXCM Inc. to proceed last week, finding that a shareholder had cleared an early bar in arguing that the firm’s business model violated post-recession financial regulations.
In a 54-page memorandum opinion, Vice Chancellor Sam Glasscock III on Sept. 29 denied the directors’ motion to dismiss two counts in investor Brett Kandell’s case stemming a January 2015 “flash crash,” which sent foreign markets tumbling after the Swiss National Bank decoupled its currency from the euro.
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