NEX Group plc (LON:NXG), a financial technology company at the centre of global markets, has welcomed the decision by the US District Court, Southern District of New York, to dismiss all claims against ICAP Capital Markets in an antitrust class action regarding the interest rate swaps market.
ICAP Capital Markets had maintained from the outset that the accusations against it were without merit, and announced that is pleased that the opinion by U.S. District Judge Paul Engelmayer found the claims by plaintiffs to be variously conclusory, insufficient to state a plausible claim, and inadequate to support an inference of participation in any wrongdoing.
ICAP Capital Markets was retained by NEX Group following the transaction with Tullett Prebon. Claims were also dismissed against two former ICAP SEFs, which transferred to Tullett Prebon under the terms of the transaction agreement.