Citi Says Ex-Trader Can't Show It Steered DOJ Probe

Law360 (November 18, 2019, 4:21 PM EST) -- A former trader acquitted of criminal charges for allegedly manipulating foreign exchange markets should voluntarily walk away from suing Citigroup Inc. for $112 million, having failed to show the bank lied to prosecutors to limit its own legal exposure, the financial giant said in New York federal court.

Because Rohan Ramchandani lacked sufficient evidence that Citi maliciously tried to steer the case in his direction, he should withdraw the complaint and spare everyone "unnecessary motion practice," the bank said in a letter filed Friday with the Southern District of New York.

The U.S. Department of Justice, rather than Citi, was the...

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