U.S. trial begins for London forex traders accused of rigging prices

Supreme Court Building Supreme Court Law CNEW YORK (Reuters) – A U.S. prosecutor on Wednesday urged jurors in Manhattan federal court to find three former London-based currency traders guilty of scheming to rig prices, kicking off the latest trial to emerge from a U.S. probe into the multitrillion-dollar foreign exchange market.

Lawyers for Chris Ashton, Rohan Ramchandani and Richard Usher, who worked at Barclays Plc (BARC.L), Citigroup Inc (C.N) and JPMorgan Chase & Co (JPM.N), respectively, countered that while the three had exchanged information, nothing they did was illegal.

U.S. prosecutors announced the charges in January 2017, and the three came to the United States to face them voluntarily.

In his opening statement on Wednesday, prosecutor Jeffrey Martino, of the U.S. Department of Justice, said they used a chatroom they dubbed “the cartel” to coordinate euro-U.S. dollar transactions in order to maximize their profits.

Source: Reuters

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