Article Image

IPFS News Link • Courtroom and Trials

Vindicated 'FX Cartel' Trader Accuses Citi Of Trying To "Frame" Him, Sues For $112

• https://www.zerohedge.com, Tyler Durden

In yet another market manipulation case that could have "potentially profound implications for the way banks and regulators treat individuals connected to allegations of industry-wide wrongdoing", the former head of Citigroup's European FX trading desk is suing his former employer for throwing him under the bus, the FT reports. 

The trader, Rohan Ramchandani, claimed in a civil suit filed in New York on Wednesday that Citi "singled him out" for "intense scrutiny" from US and UK regulators. Ramchandani's lawyers described the alleged plot as a "secret scheme" to "dirty up" their client's name.

After accusing Citi of using him as a human shield to absorb scrutiny as the scandal unfurled, Ramchandani's legal team said their client is seeking ~$112 million in damages. Even though he was acquitted in a criminal trial that wrapped up late last year (three years after Citi reached a $1.3 billion settlement with the DoJ and the Fed over the allegations), Ramchandani says he has struggled to find another job in finance.