Commitments and Contingencies |
9 Months Ended |
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Jun. 30, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Legal Proceedings From time to time and in the ordinary course of business, the Company is involved in various legal actions and proceedings, including tort claims, contractual disputes, employment matters, and workers’ compensation claims. The Company carries insurance that provides protection against certain types of claims, up to the limits of the respective policy. Additionally, the Company is subject to extensive regulation and supervision by U.S. federal and international governmental agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such regulatory agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include fines and other remediation. In November 2023, BTIG filed a civil complaint (the “BTIG complaint”) against the Company and StoneX Financial Inc. (“StoneX”) in San Francisco Superior Court (CGC-23-610525) seeking monetary damages and injunctive relief for, among other things, alleged theft of purported trade secrets by former BTIG employees later employed at StoneX. The proceedings moved to FINRA Arbitration and the court action was stayed. On August 7, 2024 and October 21, 2024, BTIG filed additional FINRA arbitration claims against certain employees of the Company. On March 12, 2026, StoneX received a final arbitration award from the FINRA arbitration panel adjudicating the claims against StoneX. The panel awarded StoneX $1.0 million in compensatory damages and awarded BTIG $2.9 million in damages. The panel found that these sums should be offset, resulting in a net payment to BTIG of $1.9 million, which was paid by the Company in March 2026. Finally, the panel denied BTIG’s request for injunctive relief and granted StoneX’s petition for declaratory relief, finding that StoneX did not tortiously interfere with the non-compete and non-solicitation provisions of BTIG’s employee agreements. All claims for additional relief, including punitive damages, treble damages and attorneys’ fees were denied. On May 4, 2026, StoneX and its employees fully and finally resolved all differences with BTIG and no additional claims remain. As part of this resolution, StoneX paid an immaterial amount to BTIG. The Company received from the U.S. Department of Justice (the “DOJ”) and the SEC subpoenas that the Company believes are related to conduct alleged in the BTIG complaint. The SEC concluded its investigation into the Company, indicating that it did not intend to recommend an enforcement action by the Commission against the Company. The Company continues to cooperate with the DOJ. The ultimate outcome of the DOJ subpoena cannot presently be determined. As of June 30, 2026 and September 30, 2025, the Condensed Consolidated Balance Sheets include loss contingency accruals which are not material, individually or in the aggregate, to the Company’s financial position or liquidity. Management does not currently believe exposure from loss contingencies in excess of the amounts accrued to be material to the Company’s earnings, financial position or liquidity.
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