LONDON, July 8 (Reuters) – A U.S. federal regulator has dropped a case towards two former high London forex merchants that alleged exchange-rate rigging, their attorneys stated on Thursday, drawing a line beneath an eight-year pursuit by U.S. authorities.
The U.S. Workplace of Comptroller of the Forex (OCC) withdrew its case in federal courtroom towards Richard Usher, an ex JPMorgan head of EMEA international change spot buying and selling, and Rohan Ramchandani, Citigroup’s former European foreign currency trading head, in keeping with 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, have been acquitted by a jury in U.S. District Court docket in 2018 on prices 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 trade and high-quality them $1.5 million. They have been going through one other trial later this yr, their attorneys stated.
“This can be 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 disturbing and expensive 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 endured with “consistently 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. (Reporting by Kirstin Ridley; Modifying by Cynthia Osterman)