Forex broker ThinkMarkets is facing a court lawsuit ordering the return of $4.28 million to its former client, Abdurrahman Suzgun. The Business and Property Court of England and Wales issued a temporary mandatory order against the UK and Australia ThinkMarkets entities, ordering the transfer of funds to its clients' separate accounts in the UK by January 15.

The legal dispute arose when forex broker ThinkMarkets debited $4.28 million from Suzgun's account in late 2021, citing breach of agreement regarding Free Accounts Swap.

This low spread broker accused Suzgun of engaging in "swap abuse," violating provisions establishing account use for extraordinary circumstances and short-term positions.

Despite the ongoing legal battle, the court order mandates the return of the disputed funds, with potential contempt of court consequences for non-compliance, including imprisonment, fines, or asset forfeiture. This ASIC-regulated broker faces additional challenges, as auditors issue a "going concern" warning amid huge losses and debt.

Forex broker news this time reports additional financial setbacks for forex broker ThinkMarkets, after failed attempt to go public via merger with FG Acquisition Corp.

Legal proceedings will continue in UK courts in February, with the final outcome still awaited. Keep up to date with ThinkMarkets' latest developments via our forex broker news page.