Please help, POC claim for removal of profits at my forex exchange broker

[alexx431]

hi all
just a quick question. brief summary.

 

i had an account at a forex broker, where i traded a currency vs another.

i held it the trade (position) for about a week and then sold the trade (closed the position).

i had a profit of around 10k. then the broker confiscated(stole) all the profit citing they made an error with the interest they should have charged me for holding this large trade/position. they claimed it was a manifest error, and furthermore claimed that they had been charged this interest by the banks where they copy my trade in the markets.

i looked into what they were saying and found that the correct amount of interest according to the markets should have been around 5k. in their terms and conditions it states that any amount of interest or fees would be clearly stated. but now they are claiming manifest error.

i would like to take them to court for the 5k overcharging as they have not provided me their calculations for 10k as in any event the calculations would be wrong as the correct amount was 5k

my question is

in the section of the particular of claim where i put the breaches that the defendant has breached what would i put there.

after googling and reading the forums and looking for someone who had some sort of similar case.

i came across the following. but i am not sure if they would apply to me.

so please if you have any insight please do help me

thank you

what i have found online, i don't know if this is relevant or not

The interest charges are a disproportionate penalty and therefore unenforceable as they are contrary to common law.
Further, as a disproportionate penalty they are invalid under the Unfair (Contract) Terms Act 1977 s.4 and under the Unfair Terms in Consumer Contracts Regulations 1999. Para. 8 and sch. 2(1)(e). In the event that the charges are not a penalty then they are unreasonable within the meaning of the Supply of Goods and Services Act 1982 s.15

breach of statutory duty
breach of contract
tort of negligence

[BankFodder]

This is an area that I suppose we don't have a lot of experience in. So we will have to feel our way as best as we can – but there may be better sources of information elsewhere.

You use the word "manifest" a couple of times – as if it is some kind of technical term. Does it have a special meaning?

[AndyOrch]

The concept of "manifest error" is sometimes used in construction contracts and expert determination agreements.Manifest error does not represent a generally available legal ground for attacking an otherwise "final and binding" certificate or determination. It therefore needs to be written into a contract as a basis for invalidating a certificate or determination.

 

Where a contract does provide for a certificate to be final and binding except in the case of "manifest error", Amey v BCC confirms that a "plain and obvious" mistake will need to be established in order to challenge such certification.

 

A "manifest error" need not be "plain and obvious" from the relevant certificate itself. In Amey v BCC, the "manifest error" became evident from a consideration of the terms of the Contract as well as the previous conduct of the parties when the certificates were issued.

[alexx431]

hi.  i think they will be able to say manifest error that the markets stipulated some interest payment.  but the amount depends on central banks / libor rate ect and the amount of currency held and the length of time held.

but they have deducted far too much so i am just wandering what sort of breaches i could write in the poc

 

thank you