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Post by Sukso Bank on Feb 4, 2018 20:22:51 GMT
While I agree Sukso Bank has many faults, in this particular case, if indeed clients were caught with their pants down around the CHF event, which I assume many were, I don't see why the broker, or "bank" in this case should cover the loss of the client?
On the other hand, the re-quotes approach was indeed despicable and probably causes Suks-O Bank to lose a lot of clients!
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Post by Mick on Feb 5, 2018 5:38:00 GMT
Sukso Bank
I think you are totally missing the point.
I don't believe any customer who was cheated by Saxo is asking for their loss to be covered.
Everyone is asking for their stop loss to be honored at the set levels and for order fills to be done at actual market levels rather than the cooked up ones that Saxo ascribed from requoting or otherwise.
Saxo never had to cover client losses. Instead Saxo was passing on their own losses to the client by this sleight of hand.
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Post by TraderX on Mar 21, 2018 8:23:10 GMT
finans.dk/protected/erhverv/ECE10430704/saxo-bank-taber-retssag-og-millionbeloeb-i-ungarn/?ctxref=extSaxo Bank has lost another trial abroad in the wake of the Swiss francs ballad, which has initially cost the bank a three-digit million. The assets secured Saxo Bank from its Hungarian partner Buda-Cash, shortly before it was settled as a result of major losses. According to Hungarian journalist Gergő Brückner, who has covered the case, and as Finance has been in contact, Saxo Bank has been ordered to return almost 50 million. in cash and hundreds of financial assets back to the bankruptcy estate after Buda-Cash, turning the key in spring 2015. Saxo Bank does not wish to comment before the deadline expires on Wednesday, 21 March. The Hungarian bank was one of Saxo's important collaborators who suffered major losses when the Swiss National Bank cut the country's currency bond to the euro and immediately sent the Swiss franc to the weather. Many people who had wondered in the currency of the country for borrowed money were suddenly left with big losses. When Buda-Cash used Saxo Bank's systems to trade, the losses of the Hungarian bank also hit Saxo, who suddenly had money from his partner. Saxo Bank has been the center of several litigation on the Swiss franc ballad. Photo: Casper H. Christensen Shortly before Buda-Cash went bankrupt, the bank transferred a million to Saxo Bank, and it is the money the bank has now been ordered to pay back. Shortly after the transfer, the Hungarian authorities arrived at a visit to Buda-Cash and pulled the bank on the bank, which subsequently went bankrupt. The bankruptcy estate subsequently found that Saxo Bank had been favored in relation to the other creditors in Buda-Cash, and therefore Saxo has been notified of repayment of the money. In addition, Saxo has been notified of returning shares to customers in Buda-Cash, which the Danish bank has illegally frozen after Buda-Cash encountered problems. At home, Saxo Bank has also been at the center of several legal proceedings on the Swiss franc ballad. Most recently, the bank received a fierce defeat in the Østre Landsret in November 2017. The District Court, contrary to the Maritime and Commercial Court, contended that the bank's foreign customers - who have been sued for losses on the Swiss franc - are entitled to consumer protection.
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Post by Mick on Mar 21, 2018 14:56:12 GMT
Thanks for the update Trader X.
It would be interesting to see if Saxo is settling and returning money to other clients it stiffed as well in the wake of these recent losses in court.
Hopefully, clients who have had their negative balances negated or restored to a positive balance will chime in here.
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Post by TraderX on Mar 26, 2018 20:53:15 GMT
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Post by Mick on Mar 28, 2018 17:26:47 GMT
Trader X
Thanks for that.
Looks like Saxo is up to the same tricks again, over another incident.
They should be put out of business by the relevant authorities
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Post by Roger on May 19, 2018 16:55:23 GMT
Saxo is sueing 8 German clients at the Maritime and Commercial Court. The lawsuit was filed on 12th January, two days before limitation date. Does anyone have info on the progress in other countries concerning place of jurisdiction. Is there someone else trying to bring the lawsuit to the country of residence at the moment? Which lawyers are you using in Denmark?
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Post by Jacob on May 30, 2018 9:16:21 GMT
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Post by oida on May 30, 2018 13:28:17 GMT
Thx for the link Jacob... do you maybe happen to have the ruling where saxo sued a private person (think it was a polish national) in Denmark alleging the person was a professional hence customer protection rights didnt apply to him? Anyway nice to see courts finally serving justice....
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Post by Jacob on May 30, 2018 16:31:42 GMT
I'm sorry I don't have the ruling you are looking for.
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Post by Trader X on May 30, 2018 20:38:53 GMT
Congratulation, Jacob!!!!
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Post by Jacob on May 31, 2018 1:26:41 GMT
Thanks, I'm very happy with the verdict. It is very clear. I hope this can help others. :-)
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Post by Hansx10 on May 31, 2018 16:38:13 GMT
Thx for the link Jacob... do you maybe happen to have the ruling where saxo sued a private person (think it was a polish national) in Denmark alleging the person was a professional hence customer protection rights didnt apply to him? Anyway nice to see courts finally serving justice.... Hi,
I can share that with you, please send me an email to: hansx10@hotmail.com
Regards, Hans
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Post by Trader X on Jun 2, 2018 8:30:48 GMT
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Post by French Guest on Jun 2, 2018 9:44:07 GMT
Great ! I have sent them the link with the ruling yesterday in the late afternoon. I am happy that they also share this good news for clients and not only decisions in favor of Saxo Bank...
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