International Union of Operating Engineers Local No. 478 Pension Fund v. FXCM Inc. et al

Filing 93

OPINION AND ORDER re: 79 MOTION to Alter Judgment re: 77 Clerk's Judgment, 76 Order on Motion for Judgment, Plaintiff's Notice of Motion, Pursuant to Fed. R. Civ. P. 15(a), 60(b) and 62.1. On July 27, 2017, in light o f the newly available enforcement evidence, the Second Circuit vacated this Court's previous judgment and remanded for further proceedings consistent with its Summary Order. The Second Circuit's Order obviates Plaintiff's request for 6 2.1(a)(3) and 60(b) relief, and those motions are DENIED. Plaintiff's motion to file an amended complaint, which incorporates the enforcement evidence, is GRANTED. Plaintiff must file an amended complaint by August 25, 2017. This order resolves Docket Entry 79. (Amended Pleadings due by 8/25/2017.) (Signed by Judge Kimba M. Wood on 7/27/2017) (ras)

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USDSSDNY UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK DOCUMENT -------------------------------------------------------)( ELECTRONICALLY FILED RETIREMENT BOARD OF THE POLICEMEN'S ANNUITY AND BENEFIT FUND OF CHICAGO ON BEHALF OF THE POLICEMEN'S ANNUITY AND BENEFIT FUND OF CHICAGO, Individually and on Behalf of All Others Similarly Situated, Plaintiff, DOC#:~~~~~~..,._ DATE FILED: --::;- I~ I $"Ir v 15-CV-3599 (KMW) Opinion and Order -againstF)(CM INC., DROR NIV, and ROBERT LANDE, Defendants. -------------------------------------------------------)( Currently before the Court are Plaintiffs motions for an indicative ruling and relief from this Court's final judgment pursuant to Federal Rules of Civil Procedure 60(b)(2), 15(a), and 62.l(a)(3). On May 8, 2015, Plaintiff Retirement Board of the Policemen's Annuity and Benefit Fund of Chicago, on behalf of the Policemen's Annuity and Benefit Fund of Chicago, brought a putative class action against f)(CM, Dror Niv, and Robert Lande (collectively "Defendants"). Plaintiff asserted claims under Sections 1O(b) and 20( a) of the Securities Exchange Act of 1934 (the "Exchange Act''). (Compl. iii! 1, 128-140 [Doc. No. 50]). On August 18, 2016, this Court granted Defendants' motion to dismiss the complaint, finding that Plaintiff failed to allege particularized facts sufficient to raise the strong inference of scienter on the part of the Defendants. (Doc. No. 73). Final judgment was entered on October 7, 2017. (Doc. No. 76). Plaintiff filed a notice of appeal on November 30, 2016. (Doc. No. 78). After this Court granted Defendant's motion to dismiss, and while Plaintiffs appeal was pending, the U.S. Commodity Futures Trading Commission (the "CFTC") filed two separate enforcement actions against Forex Capital markets, LLC, the U.S. trading subsidiary of FXCM ("FXCM U.S."). Plaintiff now argues that newly available information relating to the results of the two enforcement actions ("the enforcement evidence") would change this Court's previous assessment with regard to Defendants' scienter. On July 27, 2017, in light of the newly available enforcement evidence, the Second Circuit vacated this Court's previous judgment and remanded for further proceedings consistent with its Summary Order. The Second Circuit's Order obviates Plaintiffs request for 62.l(a)(3) and 60(b) relief, and those motions are DENIED. Plaintiffs motion to file an amended complaint, which incorporates the enforcement evidence, is GRANTED. Plaintiff must file an amended complaint by August 25, 2017. This order resolves Docket Entry 79. SO ORDERED. Dated: New York, New York July 27, 2017 KIMBA M. WOOD UNITED STATES DISTRICT JUDGE

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