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LONDON (Reuters) -A U.S. regulator has dropped a case against two former top London currency traders that alleged exchange-rate rigging, the agency said on Thursday, drawing a line under an eight-year pursuit by U.S. authorities.
The U.S. Office of Comptroller of the Currency (OCC) withdrew its case in federal court against Richard Usher, an ex JPMorgan head of EMEA foreign exchange spot trading, and Rohan Ramchandani, Citigroup’s former European forex trading head, according to their lawyers, the agency and a court notice.
“The agency made its decision to drop the case on the advice of counsel after careful deliberation of the specific facts and circumstance involved,” said an OCC spokesman.
U.S. regulator drops case against two London forex traders
By Kirstin Ridley
Reuters
LONDON (Reuters) -A U.S. regulator has dropped a case against two former top London currency traders that alleged exchange-rate rigging, the agency said on Thursday, drawing a line under an eight-year pursuit by U.S. authorities.
The U.S. Office of Comptroller of the Currency (OCC) withdrew its case in federal court against Richard Usher, an ex JPMorgan head of EMEA foreign exchange spot trading, and Rohan Ramchandani, Citigroup s former European forex trading head, according to their lawyers, the agency and a court notice. The agency made its decision to drop the case on the advice of counsel after careful deliberation of the specific facts and circumstance involved, said an OCC spokesman.
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OCC Drops Forex-Rigging Case Against Ex-JPM, Citi Traders
Law360 (July 8, 2021, 9:04 PM EDT) The Office of the Comptroller of the Currency has pulled the plug on its administrative cases against two former JPMorgan and Citigroup foreign exchange traders previously accused and acquitted of market manipulation, abandoning its multiyear pursuit of fines and industry bans against them.
In notices filed late Wednesday, OCC enforcement counsel moved to dismiss with prejudice the agency s administrative proceedings against Richard Usher and Rohan Ramchandani, who have spent years fighting claims that they colluded with other traders in a chatroom dubbed the Cartel to manipulate prices in the spot forex market between 2007 and 2013.
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