Analysis

Did Citi Dupe DOJ In Forex Investigation?

Law360 (October 10, 2019, 6:50 PM EDT) -- A former Citigroup trader acquitted on charges of manipulating foreign exchange markets has accused the bank of fabricating a case for federal prosecutors in order to shield itself from liability, raising eyebrows in the antitrust bar since the government usually goes to great lengths to ensure it’s not being duped.

Rohan Ramchandani was among three London-based traders from Citi, Barclays PLC and JPMorgan Chase & Co. acquitted in October 2018 of allegations they coordinated trading through a chatroom dubbed "The Cartel" to rig the spot market for exchanging euros and dollars.

Their indictments followed guilty pleas from several large banks that included...

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