Cur Non Trading, LLC, a small trading firm specializing in dividend arbitrage strategies, has filed a lawsuit against ABN AMRO Clearing USA LLC. The complaint was lodged on November 25, 2025, in the United States District Court for the District of New Jersey. Cur Non accuses ABN AMRO of failing to properly allocate dividends owed to them, resulting in significant financial losses.
According to the filing, Cur Non Trading has been utilizing ABN AMRO as its broker since 2008 to clear trades and ensure proper settlement and dividend distribution. However, in January 2025, ABN allegedly failed to credit Cur Non’s account with dividends from several securities due to an incorrect reliance on the record date rather than the ex-dividend date. This misstep reportedly cost Cur Non over $3.7 million. Despite being provided with legal and factual evidence by Cur Non supporting their entitlement to these dividends, ABN initially refused to investigate or rectify the situation adequately.
Cur Non’s strategy involves buying and selling call options before the ex-dividend date to capture dividends announced by companies. On January 9, 2025, Cur Non exercised its options for stocks like Progressive Corp., Oracle Corp., and Mastercard Inc., expecting to receive dividends as per standard practice. However, due to an unexpected closure of the NYSE on January 9 for a National Day of Mourning honoring former President Jimmy Carter, the ex-dividend date was shifted to January 10. Although informed about this change by NYSE notifications sent on January 6, ABN still relied on outdated information when allocating dividends.
The lawsuit outlines multiple causes of action against ABN AMRO including breach of contract, negligence, gross negligence, violation of Illinois Securities Law (IL ST CH 815 § 5/12(G)), conversion, unjust enrichment, and seeks declaratory judgment regarding an indemnity provision within their agreement that Cur Non argues is unenforceable under FINRA rules and public policy.
Cur Non is seeking compensatory damages not less than $3.7 million for lost dividends and additional amounts for monthly fees paid post-breach totaling $45,000 per month. They also request pre- and post-judgment interest, attorneys’ fees permissible under agreements or statutes/rules involved; punitive damages; and a declaration that the indemnity clause invoked by ABN is void where it covers misconduct-related costs.
The case will be presided over by judges at the United States District Court for New Jersey under Case ID: 1:25-cv-17958. Representing Cur Non Trading are attorneys Sandra D. Grannum from Faegre Drinker Biddle & Reath LLP based in Florham Park NJ along with Richard L. Scheff from Philadelphia PA office pending pro hac vice admission alongside Isaac T Smith from Denver CO office also pending similar admission.
Source: 125cv17958_Cur_Non_Trading_LLC_v_ABN_Amro_Clearing_USA_LLC_Complaint_District_New_Jersey.pdf
