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March 20, 2014
08:20 EDTINTLINTL FCStone prevails in Sentinel appeal
INTL FCStone announced that its subsidiary, FCStone, was completely successful in its appeal of a January 2013 decision by the U.S. District Court, Northern District of Illinois, in the Sentinel matter. The U.S. Court of Appeals for the Seventh Circuit handed down its reversal yesterday of the trial court's decision. The appeal court's reversal will have no financial impact on INTL FCStone, which had considered the possibility of losing the appeal to be remote and, accordingly, made no provision in its financial statements for any further loss in this matter. The appeal cash deposit made by FCStone with the court will be refunded. The trial court's decision, if it had been allowed to stand, would have resulted in a net pre-tax loss to FCStone of between $4M-$6M, and could have undermined the integrity of the futures industry's system of segregated customer accounts and the CFTC regulations designed to protect those accounts. The appeal court's reversal of the decision vindicates the commitment of FCStone and the futures industry to protecting customer segregated funds.
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