Citibank Faces New Forex Rigging Suit From Currency Trader

Law360, London (March 29, 2021, 5:33 PM BST) -- Citibank has become the latest bank to be sued by a British currency investment firm over allegations that its traders manipulated foreign exchange markets for profit, in the expanding litigation accusing the company of trade front-running.

ECU Group PLC alleges in an amended March 10 High Court claim, which was recently made public, that traders at Citibank NA misused its confidential information to make secret profits. They allegedly traded ahead of forex transactions by ECU clients, an illegal tactic known as front-running.

ECU, which helps companies manage debt in multiple currencies, is seeking unspecified damages for losses it says correspond to...

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