Citi Responds to Former FX Cartel Trader’s Complaint

​Citi​, one of the largest banks in the world, has responded to its former head of EMEA G10 Spot FX trading in London and the "FX Cartel" trader, Rohan Ramchandani's complaint accusing Citi of using him as a scapegoat to avoid its responsibility in the case of Forex rates manipulation in 2018.   

Citi has tried to dismiss the lawsuit against Citigroup Inc., Citicorp, and Citibank, N.A. brought by Ramchandani, which continues at the New York Southern District Court. Its attempt was nixed by the court in February 2021.

In its latest response, the banking giant​ denies each and every allegation in Ramchandani's Complaint. According to Citi, Ramchandani's claim for malicious prosecution based on the allegation that Citi "fabricated" a case against him lacks any legal or factual basis.

Citi is a leading global bank, serving more than 200 million customer accounts and doing business in more than 160 countries and jurisdictions. Last week, the global bank has reported net income of $7.9 billion​ for the first quarter 2021, or $3.62 per diluted share, on revenues of $19.3 billion.