London ‘Cartel’ Traders Petition U.S. Court to Dismiss FX Rigging Charges

[kreslik.news]

Three ex-traders at the heart of criminal investigations over their participation in making up “the Cartel” forex rigging chatroom asked a U.S. judge to dismiss the case against them, saying they did nothing wrong as their banks “weren’t always in direct competition.”

Richard Usher, formerly of JPMorgan Chase & Co., Rohan Ramchandani, who worked at Citigroup Inc., and Chris Ashton, a former Barclays Plc trader, allegedly created a chat group that they named “the Cartel” to coordinate trading of US dollars and euros and manipulate the prices of the exchange rates.

“This is just banks contacting each other,” said Michael Kendall, the ... (read more)