Defendants In Securities Suit Argue That Investor Failed To Plead Scienter

(January 16, 2019, 5:23 PM EST) -- NEW YORK — A federal district court properly dismissed a shareholder class action lawsuit against an online currency brokerage and certain of its chief executives because the lead plaintiff in the action failed to properly plead a material misrepresentation or omission and scienter in making its federal securities law claim, the defendants argue in a Nov. 28 appellee brief filed in the Second Circuit U.S. Court of Appeals (Retirement Board of the Policemen’s Annuity and Benefit Fund of Chicago v. FXCM Inc., et al., No. 18-2604, 2nd Cir.)....