Citi Must Face Former Trader’s Malicious-Prosecution Lawsuit
Bob Van Voris, Jenny Surane and Michael Leonard, Bloomberg News, 12 March 2021
(Bloomberg) — One of three British traders acquitted of using an online chatroom to fix prices in the foreign exchange market can go forward with a lawsuit claiming that Citigroup Inc. “fabricated” a baseless case against him, a judge ruled.
U.S. District Judge Victor Marrero on Thursday rejected the bank’s attempt to have the case dismissed. Former Citigroup trader Rohan Ramchandani sued in 2019 claiming damages of $112 million.
Read More: Citigroup Framed Me, Acquitted Forex Trader Claims in Suit
The ruling clears the way for Ramchandani, a former London-based trader, to move forward with the malicious-prosecution suit, which he brought in New York against a group of the bank’s affiliates after his acquittal.
“Mr. Ramchandani’s claims of malicious prosecution are without merit and we will contest them vigorously,” Danielle Romero-Apsilos, a spokeswoman for the bank, said in an emailed statement.
A Manhattan federal jury in October 2018 found Ramchandani and two other British traders working for other banks — a group dubbed “the Cartel” — not guilty of conspiring through online chatrooms to manipulate the $5.1-trillion-a-day foreign exchange market.
Citigroup, JPMorgan Chase & Co., Barclays Plc and Royal Bank of Scotland Group Plc pleaded guilty to currency manipulation in 2015 as part of a $5.8 billion settlement with the DOJ.
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Citigroup Can’t Duck Trader’s Malicious Prosecution Claims
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”
London forex trader sues Citigroup over ‘malicious’ forex prosecution
Kirstin Ridley, 02 October 2019
Rohan Ramchandani, the former European head of Citigroup’s forex spot market trading desk, alleges in a lawsuit filed on Wednesday that Citigroup made false and “gravely derogatory” assertions against him to government investigators and the media after firing him in 2014 without cause.
“Ultimately, Citi quite literally fabricated an antitrust case for the United States Department of Justice against Ramchandani based upon knowingly false allegations that he engaged in market ‘manipulation’ and ‘collusion’,” read the complaint filed in the federal court in Manhattan.
A spokeswoman for Citigroup in London said the bank rejected the allegations and would fight the case.
“Mr. Ramchandani’s claims of malicious prosecution are without merit and we will contest them vigorously,” she said.
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