Bank of NY Mellon sued by Ohio over forex practice Reuters

London forex trader sues Citigroup over 'malicious' forex prosecution

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LONDON - A London-based former Citigroup trader is suing the U.S. bank for more than $112 million, alleging it made materially false and malicious statements to U.S. prosecutors that led to his trial in New York on foreign exchange-rigging charges.
Rohan Ramchandani, the former European head of Citigroup's forex spot market trading desk, alleges in a lawsuit filed on Wednesday that Citigroup made false and "Gravely derogatory" assertions against him to government investigators and the media after firing him in 2014 without cause.
A spokeswoman for Citigroup in London said the bank rejected the allegations and would fight the case.
"Mr. Ramchandani's claims of malicious prosecution are without merit and we will contest them vigorously," she said.
He also alleges his manager at Citigroup, an experienced forex spot market trader tasked with reviewing and evaluating Ramchandani's communications, had volunteered that Ramchandani had not engaged in "Collusion or price fixing" and there was "Nothing criminal" in his intent or actions.
Citigroup only pleaded guilty in May 2015 to conspiring to manipulate currencies in order to pin the blame on Ramchandani and to limit the regulatory consequences for their senior managers and officers, the former trader alleged.
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Big investors sue 16 banks in U.S. over currency market rigging

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NEW YORK - A group of large institutional investors including BlackRock Inc and Allianz SE's Pacific Investment Management Co has sued 16 major banks, accusing them of rigging prices in the roughly $5.1 trillion-a-day foreign exchange market.
The lawsuit was filed on Wednesday in the U.S. District Court in Manhattan by plaintiffs that decided to "Opt out" of similar nationwide litigation that has resulted in $2.31 billion of settlements with 15 of the banks.
The banks being sued are: Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Japan's MUFG Bank, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered and UBS. Investors typically opt out of litigation when they hope to recover more by suing on their own.
The plaintiffs in Wednesday's lawsuit accused the banks of violating U.S. antitrust law by conspiring from 2003 to 2013 to rig currency benchmarks including the WM/Reuters Closing Rates for their own benefit by sharing confidential orders and trading positions.
Norway's central bank Norges Bank and the big public pension fund California State Teachers' Retirement System are among the several other named plaintiffs.
Many of the plaintiffs plan to pursue similar litigation in London against many of the bank defendants with respect to trades in Europe, a footnote in the complaint said.
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Global banks are facing a threat of lawsuits worth billions of dollars following a landmark settlement in New York over rigging in currency markets. Lawyers warned the victory opens the floodgates for an even greater number of claims in London, the largest foreign exchange trading hub in the world.

source link: Global banks are facing a threat of lawsuits worth billions of dollars following a landmark settlement in New York over rigging in currency markets. Lawyers warned the victory opens the floodgates for an even greater number of claims in London, the largest foreign exchange trading hub in the world.
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Bank of New York Mellon Corp. will pay $180 million to settle a class-action lawsuit related to its foreign-exchange business. Result: $504 million in settlements including $335 million in customer class Year: 2015. In re Bank of New York Mellon Corp. Foreign Exchange Transactions Fraud Litigation Lieff Cabraser served as co-lead class counsel for a proposed nationwide class of institutional custodial customers of The Bank of New York Mellon Corporation (“BNY Mellon”). Settlement of the Bank of New York Mellon Corp. Forex Class Action Written by Welcome on May 28, 2015. Recently, a substantial settlement was reached in a high-profile securities class action lawsuit. This lawsuit pertained to the Bank of New York Melon Corp. and its Standing Instruction FX Program. This program involved the trading of foreign currencies. Background. The lawsuit that was ... A U.S. judge on Friday dismissed five out of nine claims against Bank of New York Mellon over its foreign exchange pricing practices, and shipped off four remaining claims to be tried in different Bank of New York said Thursday that it agreed to pay $180 million to settle a foreign exchange-related class-action lawsuit, resolving almost all of its currently pending forex-related actions. Bank of New York Mellon Corp was sued on Monday by Ohio's attorney general, who accused the custodial bank of overcharging state pension funds on foreign currency exchange transactions. Bank of New York Mellon Corp., the world’s largest custody bank, asked a judge to dismiss a lawsuit brought by the New York attorney general that accused it of defrauding clients through foreign ...

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