Let's hope they lose everything! That's what you get for trading with a scam broker lol whose is a market maker and who cheats clients with their stupid spreads and pathetic slippage etc... oh not to mention bad customer service!
I was reading this earlier today: 'The Australian Securities and Investments Commission (ASIC) issued on Tuesday a notice in which it warned against untruthful claims on www.usgforex.com regarding ASIC regulation. The website claims it is associated with Australian forex broker Union Standard International Group, which is regulated by the ASIC.
Hi, here is to solve your problem. www.usgfx.com is Union Standard International Group = USGFX, which is regulated by ASIC Now, www.usgforex.com is not USGFX, USGFX only holds one official website, www.usgfx.com As for USG Capitial, I've never heard of tbh. So, before you start any kind of collaboration with a broker, you must study their regulator etc etc.
A district court in Israel’s capital Tel Aviv has ruled in favor of the local forex broker USG Capital. It said algorithmic trading is not portfolio management and does not require additional license, reports the website Bizportal.co.il. The decision comes after the country’s financial watchdog, the Israel Securities Authorities (ISA), has stated that companies who offer computerized portfolio management services, such as algorithmic trading, are violating the law, if they don’t have a specific license. (Source: https://smnweekly.com/2016/04/18/israeli-court-rules-in-favor-of-usg-capital-no-extra-license-for-algo-trading-is-required/)
I am not sure how that relates to the class-action lawsuit, however. Does it mean it will be thrown out now? Or does the complaint about the unlawful commissions and fees still stand?