London Stock Exchange Group fails to shake off £131m fraud lawsuit

LSEG will face a $175m (£131m) fraud and breach of contract lawsuit brought by the former chief executive of a company it acquired, after a US judge denied the London stock exchange-owner s attempt to dismiss the case. LSEG’s subsidiary Refinitiv, which it bought from Thomson Reuters in 2020, acquired US analytics firm Maystreet in 2022 for about $275m after it approached the company with an offer and pledged to integrate LSEG s global data feeds in Maystreet s products The deal also included an earnout provision that could add up to $175m in future payouts to Maystreet executives, depending on the company s post-acquisition performance. After the deal closed, Patrick Flannery, the company s chief executive, alleged that nearly two years passed without the defendants adding any data feeds to Maystreet s products because of technological incompatibilities. He said the failure to add the feeds caused the firm to miss revenue targets and therefore miss out on the earnout payment.