Hailey Konnath, 11 March 2021
Citigroup Inc. must face a $112 million malicious prosecution suit brought by a former London-based trader who’s been acquitted on foreign exchange-rigging charges, a New York federal court ruled Thursday, finding that the trader has adequately alleged the bank knowingly fed the Justice Department false information about him.
Rohan Ramchandani, the former head of Citigroup’s European forex spot-market trading desk, was among three traders acquitted by a Manhattan federal jury in 2018. Ramchandani has accused the bank of lying to the U.S. Department of Justice to save itself during an antitrust probe into allegations that traders from several major banks colluded to affect daily benchmark rates on the forex spot markets. Continue reading “Article: Citigroup Can’t Duck Trader’s Malicious Prosecution Claims”