fbpx

Plaintiffs seek testimony from acquitted traders as forex cases intertwine

Christian MacLeod

Trader working the Forex marketThree British men who stood accused of forex fraud as part of the so-called “Forex Cartel” were found not guilty on Friday.

The three were Chris Ashton, who formerly worked at Barclays, Rohan Ramchandani, from Citigroup, and Richard Usher, from JPMorgan Chase & Co.

However, the affair may not yet quite be over after plaintiffs in a different case said they wanted to extract depositions from the three.

The plaintiffs in the other case, which is currently ongoing at New York Southern District Court, asked a judge for permission to take the depositions on the same day that the “Cartel” were acquitted.

Participants in the other forex case, titled Nypl v. JP Morgan Chase & Co. et al, are currently unable to access the depositions as they are under what is known as a “stay”.

This stay, which was given by Judge Lorna G. Schofield, means that the depositions must remain under wraps until December 13th, 2018. This decision was made in favour of the Department for Justice, which requested it.

It remains unclear as to whether or not the order will be lifted for those involved in the other case.

Away from the ongoing complications, lawyers for the original three “Forex Cartel” defendants have been reacting positively since the three defendants in the trial were found not guilty by a court in New York.

The three men, who had been accused of rigging benchmark foreign exchange rates, were found not guilty on Friday. The jury’s decision was made in just three hours.

The verdict means the trio can now return to Britain. All three are British, and they travelled to the US of their own volition in order to answer to the claims.

They were accused of artificially adjusting the benchmark EUR/USD rates over a period of six years between 2007 and 2013.

According to the allegations, they were accused of using an internet chatroom to plan the moves. However, they argued in response that they hadn’t broken any laws by sharing information.

On Friday and over the weekend, lawyers for the three expressed their satisfaction at the verdicts.

“We believed all along that our client, Mr. Ramchandani, was innocent of the charges and we’re overjoyed that the jury agreed with us”, said lawyer Heather Tewksbury, who worked for Rohan Ramchandani.

Jonathan Pickworth, who worked for Richard Usher, said that the “nightmare” was now over.

“It’s the end of a five-year nightmare…Richard can go home now to his family. It took the jury three hours to work out what the DOJ failed to see for five years”, he said.

Ashton’s lawyers also expressed gratitude for the jury’s move. “Chris Ashton and his trial team are extremely grateful for the jury’s decision in the case”, said David Schertler.

“We were firmly convinced of Chris’s innocence from the outset”, he added.

So far, there is no indication that the Department of Justice, which brought the case, has given any comment. Its website press room currently does not contain updates on the matter.


Christian MacLeod

Latest news

AUD/USD to be watched as employment rates come out
The Australian dollar is likely to be put firmly in the spotlight in the forex trading markets on Thursday as a series of employment-related statistics are released. Read more
The man who would be kingpin: Facebook’s latest problems
On Friday, Facebook shares finally fell – 8. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#3 Plus500 Logo80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Broker
Number One Broker
Best Trading App Visit broker
5
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
5
#5 FxPro LogoYour capital is at risk Founded: 2006 CFD and Cryptocurrency Broker
Number One Broker
CFD and Cryptocurrency Visit broker
5

    Forex Fraud Certified Brokers

    XM Logo
    HYCM Logo
    XTB Logo
    City Index Logo
    FXTM Logo
    iTrader Logo
    Plus500 Small Logo
    IQ Option Logo
    Exness Small Logo
    skilling logo
    VantageFX Small Logo
    ATFX Logo
    LegacyFX Small Logo
    Swissquote logo
    Oinvest Small Logo
    OctaFX Logo
    Forex.com Logo