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:

Last news:

FCA's Executive Director says the number of frauds will continue to increase

FCA warns against remote desktop fraud

UK financial regulator has warned again against desktop sharing scams. As of July 2020, 2,142 ...
Read More
Criminals cheat victims by promising to help them recover their money

Criminals cheat victims by promising to help them recover their money

Australian Scamwatch warns against offers of upfront recovery assistance. These types of scams target people ...
Read More
British court blocks class action against banks

British court blocks class action against banks

The Competition Court of Appeal (CAT) in London blocked a planned forex class action lawsuit ...
Read More
FX trading volume on the Moscow Stock Exchange fell 28.6% in March

FX trading volume on the Moscow Stock Exchange fell 28.6% in March

On Monday, the Moscow Exchange (MOEX), the largest stock exchange group in Russia, published turnover ...
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