The Business Trial Group of Morgan & Morgan, P.A. has filed a class action lawsuit against FXDirectDealer, LLC (FXDD) alleging fraud and racketeering. The lawsuit, filed on February 11 in the United States District Court for the Southern District of New York (Manhattan Division), is the second class action lawsuit filed by the firm against Forex dealers in the past week, alleging fraud, deceptive trade practices, and racketeering. On February 8, The Business Trial Group filed a similar case against FXCM. IBTimes reported about it.
Morgan & Morgan says that as in the FXCM case, the suit alleges that FXDD has defrauded thousands of customers using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as transparent, when instead it is a rigged game, designed to systematically separate customers from their money.
Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, We are continuing to bring legal action for redress of wrongs that we believe have occurred to thousands of Forex customers for years by dealers who have been entrusted with their customers' money. Unfortunately, many Forex dealers engage in questionable practices, and we intend to pursue any and all of them until we have put an end to these abuses.