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Forex 'Cartel' Traders Cheated The Market, Jury Hears

Law360, New York (October 10, 2018, 8:39 PM EDT) -- Using a private chatroom dubbed “the cartel,” three former foreign currency exchange traders for Barclays PLC, Citigroup Inc. and JPMorgan Chase & Co. units colluded to suppress competition in the forex market, a federal prosecutor said Wednesday as the trio's criminal forex-rigging trial began.

A former Barclays trader appeared alongside two other former foreign currency exchange traders as they made opening statements to a Manhattan jury at the start of their criminal forex-rigging trial. (AP) A jury of 10 women and two men heard opening statements in the Manhattan trial of former Barclays trader Christopher Ashton, onetime Royal Bank of Scotland...

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