Infinium Capital says 'sour grapes' spurred employees' fraud lawsuit
CHICAGO May 28 (Reuters) - Infinium Capital Management has asked a U.S. judge to dismiss a lawsuit accusing the now-defunct high-speed trading firm and its leaders of securities fraud, saying it was based on former employees' "sour grapes."
A group of former Infinium employees claimed in a lawsuit in January that they lost millions of dollars because company leaders duped them into investing in the firm while hiding financial troubles.
However, Infinium said in court documents filed in U.S. District Court in Chicago on Tuesday that the employees were "made aware of all of the terms and risks of which they now complain, rendering their claims of fraud nothing more than sour grapes."
Infinium ceased trading in March and sold five of its trading desks, along with other assets, to currency broker FXCM Inc and a subsidiary.
The privately held firm had been among the higher-profile electronic trading groups and a household name among Chicago traders. The firm traded in commodities, energy and other markets.