The defendants in a lawsuit alleging rigging of FX auctions on Currenex have requested the production of 15 emails.

On September 16, 2025, Currenex, Inc., Goldman Sachs & Co. LLC, HC Technologies, LLC, State Street Bank and Trust Company, State Street Global Markets International Limited filed a motion with the New York Southern District Court, requesting the production of a set of emails.

The defendants seek an order to compel Named Plaintiffs Edmar Financial Company, LLC and Irish Blue & Gold, Inc. to produce a set of 15 emails that were sent between Matt Edwards, the founder of the plaintiffs, and two employees of a consulting firm named Velador Associates between August 13, 2018 and December 4, 2020.

The defendants argue that the Velador Emails may be case-dispositive. Plaintiffs’ claims are untimely unless they can show that they did not know, or have reason to know, about the allegations in the complaint prior to August 4, 2019 (two years before the Complaint was filed).

Edwards was corresponding with Velador employee Colin Lloyd in 2018 regarding “claims against Currenex.” Subject lines of withheld messages make clear that Lloyd traveled to Florida (where Edwards lives) in early 2019, to meet with him about his “Currenex claim”.

If, as it appears from the subject line of the emails, Edwards was discussing “Currenex claim(s)” with Velador as early as 2018, the August 2021 lawsuit is untimely.

The complaint alleges a long-running scheme to rig what amount to auction for foreign exchange (“FX”) transactions. Currenex, which operates an FX trading platform in conjunction with its parent company State Street Bank, allegedly agreed to give a narrow subset of participants unfair bidding advantages – advantages that Plaintiffs and class members were neither informed of nor reasonably expected.

Chief among these was a secret rule for breaking “tie” bids: In case of a tie, Currenex operated under secret agreements with a few privileged customers, providing that their bids would always be declared the winner.

Currenex also allegedly provided these same privileges to its own parent company, State Street Bank, which operated as one of the largest liquidity providers on the platform.

The complaint also claims that Currenex gave at least one customer (HC Tech) administrative-level access to the entire Platform, allowing HC Tech to view all orders placed on the Platform—something that no user reasonably expected and that was directly contrary to industry standards. This was accomplished at one point by a Currenex/State Street Bank executive passing API specifications and username / password credentials to HC Tech.

The plaintiffs argue that this case is about the illegality of platform operators implementing practices that were (a) highly material, (b) adverse to the interests of most users, (c) shocking departures from industry norms, and (d) never disclosed.