LONDON (Reuters) – A U.S. federal regulator has dropped a case towards two former prime London foreign money merchants that alleged exchange-rate rigging, their legal professionals stated on Thursday, drawing a line beneath an eight-year pursuit by U.S. authorities.
The U.S. Workplace of Comptroller of the Foreign money (OCC) withdrew its case in federal court docket towards Richard Usher, an ex JPMorgan head of EMEA international alternate spot buying and selling, and Rohan Ramchandani, Citigroup’s former European foreign currency trading head, in response to their legal professionals and a court docket discover.
The OCC didn’t instantly reply to a request for remark.
The boys, who’ve confronted no motion by British authorities, had been acquitted by a jury in U.S. District Courtroom in 2018 on fees of scheming to rig the multi-trillion greenback foreign exchange market. They’d travelled voluntarily to the US to face the fees.
However the OCC nonetheless sought to ban them from life from the business and wonderful them $1.5 million. They had been going through one other trial later this 12 months, their legal professionals stated.
“It is a full and complete exoneration for Mr Usher,” stated Jonathan Pickworth of Paul Hastings, including that the OCC had pursued a meritless case.
“It brings to an finish an 8-year-long nightmare, throughout which he has needed to endure two totally different units of nerve-racking and expensive proceedings within the USA… Mr Usher can now rightly really feel utterly vindicated and search to renew regular life,” he stated.
Heather Nyong’o, a WilmerHale lawyer for Ramchandani, stated the OCC had continued with “continuously morphing theories of prosecution” though her shopper had already been acquitted of primarily the identical allegations.
“Lastly, on the eve of trial, they’ve dismissed their discover and my shopper can hopefully really feel some vindication after tirelessly combating these false allegations …,” she stated.