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UK: FX trader sues Citi over “malicious” prosecution

By  |  October 2, 2019

According to a report from the Financial Times, a former Citigroup currencies trader is suing the bank for at least US$112 million, alleging that the bank “framed” him to protect itself in the throes of a market manipulation scandal that eventually led to him facing the possibility of a decade in jail. 

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    In a case with potentially profound implications for the way banks and regulators treat individuals connected to allegations of industry-wide wrongdoing, Rohan Ramchandani claims in a suit filed in New York on Wednesday, October 2, that the bank singled him out for intense scrutiny from UK and US regulators in a “secret scheme” to “dirty up” his name. 

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    The bank “knowingly” encouraged the US Department of Justice (DOJ) to pursue an antitrust case against him “without probable cause” in an effort to shield itself from greater damage, Mr Ramchandani claims, adding that his previous boss and one of the bank’s lawyers had repeatedly asserted he had done nothing wrong. 

    Mr Ramchandani was acquitted at trial over the matter in late 2018, three years after Citi reached a US$1.3 billion settlement with the DOJ and the Federal Reserve.

    Full Content: Financial Times

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