Citibank Escapes Suit Over 'Marked Up' Forex Transactions

By Martin O'Sullivan (May 20, 2016, 4:56 PM EDT) -- A New York federal judge on Thursday tossed a suit claiming Citibank covertly scored over $20 million by illegally marking up the forex spot orders of two foreign exchange traders from Mexico without their knowledge or consent, saying the traders failed to supply a single concrete example supporting their allegations.

U.S. District Judge Robert W. Sweet said in a written order that Eduardo and Gervasio Negrete were far too vague in supporting their allegations that Citi took advantage of their sometimes 15 to 20 trades per day by adding an undisclosed markup of one to three points per transaction.

"Plaintiffs argue...

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