FX news: Saxo 'not intimidated' by legal action threat
A Portuguese financial house, Fortune, is to sue Saxo Bank for €10 million in losses on its currency pairs, according to Danish press reports this week. Additionally, Fortune is asking that the Danish FSA revoke Saxo’s business licence.
Company director, João Laranjeira, claims that, among other things, Saxo Bank “cheated” Fortune through “discrepancies between Saxo’s rates on some currency pairs and the actual market rates”. Fortune claims that because of this, it has lost €10 million.
The evidence that Fortune has gathered over the last year will be delivered to the Danish FSA by Fortune’s Danish lawyer Ole Sigetty.
Saxo’s spokesman, Kasper Elbjørn, told Danish press that it was “a sad case but we can confirm that Fortune is a Portuguese regulated financial institution... (but) I can not comment on details of the case, because we never give our opinion on customer relationships.”
Saxo’s CEO Lars Seier Christensen shrugged off the allegations. “I find the case very strange. If one day we receive a sub poena, we will not be intimidated by it.
“The allegations are completely baseless and should Fortune’s sub poena result in a trial then Saxo Bank will consider the possibility of a libel suit after the case is won,” he added.