Opinion

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December 2, 2025 Alexander B. Simkin

T +1 212 596 9744

alexander.simkin@ropesgray.com

BY ECF

Honorable Lewis A. Kaplan

United States District Judge

Southern District of New York

Daniel Patrick Moynihan United States Courthouse

500 Pearl Street, Court Room 21B

New York, NY 10007-1312

Re: Edmar Financial Company, LLC et al v. Currenex, Inc. et al, Case No. 21-cv-06598

Dear Judge Kaplan:

We represent Defendants Currenex, Inc. (“Currenex’”’), State Street Bank and Trust Company

(“State Street”), and State Street Global Markets International Limited (collectively, the “State Street

Defendants”) in the above-captioned matter. Pursuant to Federal Rule of Civil Procedure 5.2(d), this

Court’s Rules, the Stipulation and Order of Confidentiality so-ordered in this action on October 18,

2023, ECF No. 113, and the Joint Stipulation and Order Regarding Class Certification Sealing and

Page Limits so ordered in this action on November 13, 2025 (the “Sealing Order”), ECF No. 387, the

State Street Defendants respectfully submit this letter motion to request that (i) the exhibits listed in

Appendix A below that are attached to Plaintiffs’ motion for class certification (ECF Nos. 389-91)

(the “Motion’”), which were each provisionally filed under seal by Plaintiffs pursuant to the Sealing

Motion remain under seal, either in full or in part, as indicated therein; and (ii) the portions of

Plaintiffs’ memorandum of law in support of the Motion (ECF No. 390), which was similarly filed

under seal, that reflect the content of those exhibits, remain under seal (the “Requested Sealed

Material”).'! This material reflects commercially sensitive and proprietary information of the State

Street Defendants. As set forth more fully below, the State Street Defendants respectfully submit that

sealing is justified under controlling legal precedent. See Lugosch v. Pyramid Co. of Onondaga, 435

F.3d 110, 120 (2d Cir. 2006). Specifically, as outlined below, the Requested Sealed Material includes

(i) confidential internal audit material; (ii) information revealing the confidential stream IDs assigned

' Pursuant to the Sealing Order, Plaintiffs are filing today (i) public versions of Exhibits and filings

in support of their Motion that no party has requested to seal, either in whole or in part; and (ii)

redacted versions of Exhibits and filings in support of their Motion that any party has requested to

redact. ECF No. 387 at 1-2.

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to certain participants on the Currenex Platform; (iii) confidential pricing information; and (iv)

commercially sensitive confidential information regarding Currenex Platform functionality.

First, certain of the exhibits relate to State Street’s internal audits, activities that State Street

routinely treats as confidential (described as “Confidential Audit Information” in Appendix A to this

motion).? Revealing details of State Street’s internal audit procedures, areas of focus, and/or findings

could create opportunities for others to evade ongoing or future audits, or to access nonpublic

information about State Street’s operations more generally. Such confidential and sensitive

information regarding State Street’s audit function and the operation of the Currenex Platform are

among the types of information held to be appropriately sealed. See In re B&C KB Holding GmbH,

2023 WL 2021299, at *1 (S.D.N.Y. Feb. 14, 2023) (courts “routinely permit parties to seal or redact

commercially sensitive information in order to protect confidential business and financial

information”).

Second, information contained in certain of the exhibits regarding specific stream IDs on the

Currenex Platform associated with Platform participants that would otherwise remain anonymous

(described as “Confidential Customer Information” in Appendix A to this motion).> Currenex has a

strong interest in maintaining the anonymity of stream IDs on the Platform, as the disclosure of stream

IDs could erode client trust if clients believe their trading data may be exposed or analyzed by

competitors, potentially resulting in loss of business or reputational harm. See City of Providence v.

BATS Glob. Markets, Inc., 2022 WL 539438, at *4 (S.D.N.Y. Feb. 23, 2022) (granting sealing of non-

party “customer-specific” information to protect moving party’s competitive interests in protecting

customer information from disclosure).

Third, information in certain of the exhibits relating to the commission rates that Platform

participants paid for use of the Currenex Platform are appropriately sealed (described as “Confidential

Pricing Information” in Appendix A to this motion). Courts have recognized that documents that

reflect “internal pricing strategies and competitive pricing data [are] sufficiently sensitive to warrant

redaction” and routinely permit parties to seal documents like those at issue here. Jn re Digital Music

Antitrust Litig., 321 F.R.D. 64, 82 n.1 (S.D.N.Y. 2017); see also Graczyk v. Verizon Commc’ns, Inc.,

2020 WL 1435031, at *9 (S.D.N.Y. Mar. 24, 2020) (citing cases).

Fourth, many of the exhibits directly implicate other categories of the State Street Defendants’

commercially sensitive information and privacy interests, such as information regarding the technical

operation of the Currenex Platform and the State Street Defendants’ business strategies or policies,

and are similarly appropriately sealed (described as “Confidential Business Information” in Appendix

2 Exhibits 6, 12, 29, 39, and 40. The State Street Defendants request that Exhibit 29 remains under

seal in part, as reflected in Plaintiffs’ concurrent filings.

3 Exhibits 7, 16, 22, 24, 25, 26, 42, 43, 44, and 50.

4 Exhibits 2, 8, 9, 16, 17, 18, 19, 29, 41, 48, and 49. The State Street Defendants request that Exhibits

2 and 8 remain under seal in part, as reflected in Plaintiffs’ concurrent filings.

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A to this motion).*> For example, the email correspondence at Exhibits 10 and 31 detail the Currenex

Platform’s functionality and interface, while the document at Exhibit 3 is a client-specific presentation

that similarly provides detail regarding the Platform’s functionality. Plaintiffs’ expert report in

support of their Motion, found at Exhibit 1, also contains information about the Platform’s

functionality and interface, as well as details derived from Currenex’s confidential trading data. As

further examples, Exhibits 9, 11, 17, and 41 (among other things) discuss a specific stream offered

by Currenex to Platform participants, while Exhibits 14 and 16 discuss certain of State Street’s

compliance policies as they relate to the Platform. In the highly competitive and dynamic FX trading

market, revealing information reflecting confidential technical details regarding the design, operation,

and monitoring of the Platform could severely damage Currenex’s reputation and harm the

defendants’ competitive standing by handing their competitors access to sensitive information and

market intelligence. The information contained in these exhibits could also, if exposed, create

vulnerabilities with respect to the security of the Platform and, accordingly, pose a risk of harm to

Currenex and its clients.

For the foregoing reasons, the State Street Defendants respectfully submit that the Requested

Sealed Material should remain under seal.

Respectfully Submitted,

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> Exhibits 1, 3, 9, 11, 10, 13, 14, 15, 16, 17, 21, 27, 30, 31, and 41. The State Street Defendants

request that Exhibits 1 and 41 remain under seal in part, as reflected in Plaintiffs’ concurrent filings.

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ROPES & GRAY LLP

Alexander B. Simkin

Gregg L. Weiner

Alexander B. Simkin

1211 Avenue of the Americas

New York, New York 10036

Telephone: (212) 596-5000

Facsimile: (212) 596-9090

Email: gregg.weiner@ropesgray.com

Email: alexander.simkin@ropesgray.com

Robert G. Jones (pro hac vice)

800 Boylston Street

Boston, Massachusetts 02199

Telephone: (617) 951 7000

Facsimile: (617) 951 7050

Email: robert.jones@ropesgray.com

Samer Musallam (pro hac vice)

2099 Pennsylvania Avenue NW

Washington, DC 20006

Telephone: (202) 508-4600

Facsimile: (202) 508-4650

Email: samer.musallam@ropesgray.com

Counsel for Defendants Currenex, Inc., State

Street Bank and Trust Company, and State

Street Global Markets International Limited

Cc: All Counsel of Record

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Appendix A

Exhibit Number (description or Bates Request to Redact or | Grounds for Sealing

number Seal in Full

Ex. 1 (Expert Report of Pirrong) Redact Confidential Business

Information

Ex. 2 (Expert Report of Woolock) Redact Confidential Pricing

Information

Ex. 3 (CXSSB00049646) Seal in Full Confidential Business

Information

Ex. 6 (CXSSB00899734) Seal in Full Confidential Audit

Information

Ex. 7 (CXSSB00571709) Seal in Full Confidential Customer

Information

Ex. 8 (Excerpts from Harmon deposition) Redact Confidential Pricing

Information

Ex. 9 (Excerpts from Rosenwald deposition) Seal in Full Confidential Pricing

Information;

Confidential Business

Information

Ex. 10 (CXSSB00271742) Seal in Full Confidential Business

Information

Ex. 11 (Excerpts from Kelly deposition) Seal in Full Confidential Business

Information

Ex. 12 (CXSSB00220161) Seal in Full Confidential Audit

Information

Ex. 13 (Excerpts from Fortuna deposition) Seal in Full Confidential Business

Information

Ex. 14 (Currenex/State Street’s Supplemental Seal in Full Confidential Business

R&Qs) Information

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Ex. 15 (Excerpts from Gilman deposition) Seal in Full Confidential Business

Information

Ex. 16 (Excerpts from Foster deposition) Seal in Full Confidential Customer

Information;

Confidential Pricing

Information;

Confidential Business

Information

Ex. 17 (Excerpts from Schonberg deposition) Seal in Full Confidential Pricing

Information;

Confidential Business

Information

Ex. 18 (GS-EDMAR-00920851) Seal in Full Confidential Pricing

Information

Ex. 19 (GS-EDMAR- 00002650) Seal in Full Confidential Pricing

Information

Ex. 21 (CXSSB00754381) Seal in Full Confidential Business

Information

Ex. 22 (HCTECH_0174870) Seal in Full Confidential Customer

Information

Ex. 24 (HCTECH_0030378) Seal in Full Confidential Customer

Information

Ex. 25 (HCTECH_0090647) Seal in Full Confidential Customer

Information

Ex. 26 (CXSSB00899625) Seal in Full Confidential Customer

Information

Ex. 27 (CXSSB002 14236) Seal in Full Confidential Business

Information

Ex. 29 (Excerpts from Liconte deposition) Redact Confidential Audit

Information;

Confidential Pricing

Information

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Ex. 30 (CXSSB00261652) Seal in Full Confidential Business

Information

Ex. 31 (CXSSB00719802) Seal in Full Confidential Business

Information

Ex. 39 (CXSSB00572158) Seal in Full Confidential Audit

Information

Ex. 40 (CXSSB00256122) Seal in Full Confidential Audit

Information

Ex. 41 (Excerpts from Lewis deposition) Redact Confidential Pricing

Information;

Confidential Business

Information

Ex. 42 (HCTECH_0174508) Seal in Full Confidential Customer

Information

Ex. 43 (CXSSB00571894) Seal in Full Confidential Customer

Information

Ex. 44 (CXSSB00546068) Seal in Full Confidential Customer

Information

Ex. 48 (CXSSB00985671) Seal in Full Confidential Pricing

Information

Ex. 49 (CXSSB00409793) Seal in Full Confidential Pricing

Information

Ex. 50 (CXSSB00899614) Seal in Full Confidential Customer

Information