EN / PL
menu

Homepage > News > The court agreed with the arguments of the fired Citi’s trader

The court agreed with the arguments of the fired Citi’s trader


US judge Victor Marrero has given a sentence in favour of a former Citi’s trader who has been fired on allegations of collusion with others to manipulate the foreign exchange market.

Rohan Ramchandani, the former head of European currency trading at Citi, sued the US bank for “a secret plan to tarnish his name” and for involving him in the case without good cause, to soften the stance of regulators who imposed heavy fines on the bank. On Thursday, a judge rejected Citigroup’s motion to dismiss the lawsuit, ruling Ramchandani could continue the pending litigation.

Ramchandani accuses Citigroup of misleading US regulators by knowingly attesting untruth, according to Citigroup’s statements Ramchandani was to be involved in market manipulation and collusion. Demanding $ 112M Ramchandani is the last FX trader, who sued a bank in the aftermath of a market manipulation scandal that cost banks around $ 10 billion in penalties. At least five other traders have sued Citigroup, while nearly 30 traders from various banks have been fired, suspended or put on vacation since the outbreak of the scandal.

Traders cleared of charges

Following a lengthy trial, a U.S. judge in 2019 discontinued criminal proceedings against Ramchandan and two other British traders accused of colluding to manipulate the foreign exchange market. Two years earlier, a similar judgment was issued by a court in Great Britain. The London trio of traders was to form a community group they called the “Cartel” to coordinate USD and EUR trading and manipulate exchange rates.

The courts took their decisions after traders from Great Britain filed motions for dismissal of the case against them by claiming that they did nothing wrong because their banks “were not always direct competitors”. The attorneys of three former FX traders urged the jury to acquit their clients of all charges, dismissing the evidence presented by prosecutors and the testimony of Standard Chartered trader who testified against them.

Author: Izabela Kamionka

Are you a trader?

Help others and rate your broker! Use the search engine or find your broker on the list.



Ad:
exante baner

Last news:

bucharest exchange with record value of transactions

Stocks Surge on Positive May Jobs Report and Senate Debt Ceiling Bill Approval

Stocks rallied on Friday following the release of a robust May jobs report and news ...
Read More
fdic

FDIC Reports Largest Deposit Decline in US Banks in 39 Years

US banks faced a significant setback in the first quarter as they experienced the largest ...
Read More
nvidia

Nvidia CEO Receives Rock Star Reception in Taiwan as AI Stocks Surge

Jensen Huang, the CEO of chip phenomenon Nvidia Corp. (NVDA), is currently enjoying celebrity treatment ...
Read More
turkish lira

Turkish Lira Hits All-Time Low as Erdogan Wins Re-election

The Turkish lira reached a new record low following the re-election of incumbent President Recep ...
Read More

Add a comment

Your email address will not be published. Required fields are marked *

 

Note: Opinions and posts on ForexRev.com represent personal opinions and views of their respective authors and should not be interpreted as recommendations to purchase or sell securities. ForexRev.org assumes no responsibility or liability for such content.
Go to top