In a recent development within the ongoing lawsuit alleging misconduct related to the Currenex trading platform, the defendants have filed a motion with the New York Southern District Court seeking the testimony of two key individuals, Jad Sarmo and David Hastings.
The motion, submitted on September 18, 2025, aims for the court to issue letters rogatory, a formal process to request the testimony of witnesses located in another jurisdiction, in this case, the United Kingdom. The individuals in question, Sarmo and Hastings, have both held significant positions in their respective organizations, with backgrounds that are believed to provide pertinent insights into the case.
The plaintiffs in the lawsuit claim they were adversely affected by Currenex’s failure to adequately disclose certain functionalities of its “Executable Streaming Prices Trading Model.” This platform has been accused of operating under a flawed understanding, where it was assumed to function like a “central limit order book,” driven by a first-in, first-out (FIFO) method for resolving pricing ties.
The defendants refute these claims, asserting that the plaintiffs were aware or should have been aware of how the platform actually operated, including its use of priority settings over a strict FIFO process, particularly before 2015. They further argue that the statute of limitations should preclude the plaintiffs’ claims, as they should have recognized the alleged issues long before the lawsuit was initiated.
To strengthen their defense, the defendants are particularly interested in testimony from Sarmo and Hastings. Sarmo, who served as the Head of Technology at DSquare from June 2006 to February 2021, is expected to shed light on foreign exchange transactions that occurred during a specified class period. His long tenure at DSquare involved significant responsibilities, including the development of the company’s trading software, making him a key figure in understanding how transactions were executed on the platform.
David Hastings, who previously held the position of Global Head of Strategic Relationships at Currenex, is anticipated to provide critical insights regarding the use of priority settings in the matching process before 2011, as well as the timing of when the plaintiffs became aware of these practices. Hastings was instrumental in promoting Currenex’s product suite and had direct involvement in relationships with both buyers and sellers during his time there from 2006 until 2009.
Additionally, after his tenure at Currenex, Hastings spent time with a consulting firm, which may have implications for the ongoing case, particularly concerning what he might have communicated about the platform’s operations and how that knowledge could have reached the plaintiffs.
As neither Sarmo nor Hastings are parties to the current litigation and reside outside of the court’s jurisdiction, the defendants argue that obtaining their testimony through letters rogatory is essential for presenting a comprehensive defense.
This legal maneuver reflects the complexities of financial litigation, especially in situations involving international jurisdictions, as parties seek to navigate the intricacies surrounding testimony and evidence in cases of alleged wrongdoing in financial markets.