UK Court Allows ThinkMarkets Counterclaims against IS Prime

A British court has rejected IS Prime’s attempts to strike out the majority of ThinkMarkets’ counterclaims.

The counterclaims allege that the Defendants breached their contract by executing trades with third parties. The court agreed that the Defendants were not free to trade with anyone they wanted but found that IS Prime had not proved its case.

According to the latest news, the defendants in a case against IS Prime and ISFE 21 seek to have all trades rescinded in which they made a secret profit. They are also asking for an accounting of all secret profits, alleging that IS Prime and ISFE 21 are constructive trustees.

It could mean big trouble for the two companies if the court rules favored the defendants.

Case Background

IS Prime has filed a lawsuit against Think Liquidity and IS Risk Analytics, alleging that the defendants used a broker or brokers for business they were required to give exclusively to the claimant until January 17, 2020.

The claimant suffered approximately $15 million in losses and is seeking damages, an account, and an inquiry into the losses. The court dismissed the claims almost entirely in a preliminary court decision earlier this year.