# Opinion

> District Court, S.D. New York · December 3, 2025

URL: https://www.frixlaw.com/law-library/cases/11338549

## Case

- **Full name:** Edmar Financial Company, LLC et al v. Currenex, Inc. et al
- **Court:** District Court, S.D. New York
- **Decided:** December 3, 2025
- **Opinion:** 100trialcourt
- **Cited by:** 0 later opinions in the Frix Law Library

## Citator (automated)

- No negative treatment found by the automated citator. That is not the same as a confirmation that the case is good law; read the citing cases.
- Full citator and citing cases: https://www.frixlaw.com/law-library/cases/11338549

## Opinion text

OS em toma trae ayer NE Non hae RS FPaeayge ave
USDC SDNY
ROPES & GRAY LLP i pocu MENT |
p 4211 AVENUE OF THE AMERICAS FLECTRONICALLY FILED ij
NEW YORK, NY 10036-8704, {
A HAY WWW.ROPESGRAY.COM {i noc #: 7 i
| DATE FILED: Aue
wet
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.

Nw ee eh OO er ON Oa Ber RA ETN PP Lee Ve er t “wy. a wie

ROPES & GRAY LLP
-2- December 2, 2025
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.

1.6 1L°U0V OUTLFAENTE IW RVUUUTTI Et oF CHM LOMVli ow rPayjt vue

ROPES & GRAY LLP
-3- December 2, 2025
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,

A = Uf,
ERED
s00

□□ Tg (
wis &
Ls

> 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.

Net tA Behe ek Ww Ee ON BPP EIN EE UP Pi veieow ray. “T

ROPES & GRAY LLP
-4- December 2, 2025
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

1.061 °C VU SUT LPAUNT ET IN LAUT oP PMOL LeIVeied Faye wl

ROPES & GRAY LLP
-5- December 2, 2025
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

NwOAO 4,544 VV be Vin FWA RUPE IPE UPA tw 2a VL aw i “Mat wwytdg

ROPES & GRAY LLP
-6- December 2, 2025
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

AwOAOU 424.4242 UH VN FE IWS ba APE IN EE UN □ ties Bes Ve ow ' aa ® wwe

ROPES & GRAY LLP
-7- December 2, 2025
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

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/11338549. Public record. Not legal advice.