GAIN Capital Voluntarily Dismisses Lawsuit? In a surprising turn of events, GAIN Capital has decided to voluntarily dismiss its lawsuit against Forex trader Justin LeBlanc. He was accused of exploiting an order execution error for personal gain. The stipulation of voluntary dismissal was officially filed on September 28, 2023, with the New York Southern District Court.

The news specifies that the lawsuit is dismissed with prejudice, invoking the Federal Rules of Civil Procedure 41(a)(1)(A)(ii). This legal term means that the case cannot be brought back to court. Also, both parties involved are accountable for their own costs, disbursements, and attorney’s fees.

GAIN Capital Dismisses Lawsuit- Voluntarily?

The legal battle between GAIN Capital and Justin LeBlanc had its origins in May 2023 when GAIN Capital initiated the lawsuit. Their aim was to recover allegedly ill-gotten trading proceeds. This amounted to over $700,000, which they claimed LeBlanc had acquired by knowingly and wrongfully exploiting a conspicuous order execution error on GAIN’s trading platform. GAIN Capital asserted that LeBlanc’s actions not only unjustly enriched him at their expense but also constituted a breach of the implied covenant of good faith and fair dealing. Additionally, they contended that LeBlanc’s activities could alternatively be interpreted as a mistake. This would necessitate the disgorgement of the ill-gotten profits.

Moreover, With this voluntary dismissal, it appears that the protracted legal dispute has come to an end. GAIN Capital has chosen to withdraw its claims against Justin LeBlanc, and the matter is now officially closed.

This development raises questions about the reasons behind GAIN Capital’s decision to drop the lawsuit. Especially after pursuing it for several months. It remains to be seen how this move will impact the reputation of GAIN Capital and Justin LeBlanc within the industry.

For comprehensive coverage of other breaking financial news, please continue to stay updated with the Broker News.