Citi Lied To DOJ In Forex Probe, Acquitted Trader Says

Law360 (October 2, 2019, 7:25 PM EDT) -- A former trader acquitted of criminal charges for the alleged manipulation of foreign exchange markets sued Citigroup Inc. for $112 million on Wednesday, accusing the bank of lying to the U.S. Department of Justice to save itself during an antitrust investigation.

Rohan Ramchandani filed a complaint in New York federal court seeking damages for malicious prosecution. The suit accuses Citi, in order to limit its own legal exposure, of feeding the DOJ misstatements during an investigation into allegations that traders from several major banks colluded to affect daily benchmark rates on the forex spot markets.

"While Citi knew that the case...

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