LONDON (Reuters) – A U.S. federal regulator has dropped a case in opposition to two former prime London foreign money merchants that alleged exchange-rate rigging, their attorneys stated on Thursday, drawing a line below an eight-year pursuit by U.S. authorities.
The U.S. Workplace of Comptroller of the Forex (OCC) withdrew its case in federal courtroom in opposition to Richard Usher, an ex JPMorgan head of EMEA overseas trade spot buying and selling, and Rohan Ramchandani, Citigroup’s former European foreign currency trading head, based on their attorneys and a courtroom 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 costs of scheming to rig the multi-trillion greenback foreign exchange market. That they had travelled voluntarily to the US to face the fees.
However the OCC nonetheless sought to ban them from life from the trade and positive them $1.5 million. They had been going through one other trial later this yr, their attorneys stated.
“It is a full and whole 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 completely different units of anxious and dear proceedings within the USA… Mr Usher can now rightly really feel fully vindicated and search to renew regular life,” he stated.
Heather Nyong’o, a WilmerHale lawyer for Ramchandani, stated the OCC had persevered with “continuously morphing theories of prosecution” though her consumer had already been acquitted of primarily the identical allegations.
“Lastly, on the eve of trial, they’ve dismissed their discover and my consumer can hopefully really feel some vindication after tirelessly preventing these false allegations …,” she stated.
Reporting by Kirstin Ridley; Modifying by Cynthia Osterman