Former CEO Files Breach of Contract Against Oanda


NEW YORK--Tim Kelly, former chairman and chief executive of currency trading and information site Oanda, filed a breach of contract suit against the company in April.

Kelly says the suit, filed in New York State Supreme Court, stems from the August 2000 dismissal of the entire Oanda board, including Kelly, by majority shareholders Michael Stumm and Richard Olsen.

Kelly says this was to avoid an audit of Oanda parent company, Zurich-based Olsen Group, which he says was insolvent at the time.