JPMorgan, Citigroup Sued in London by Two Currency Traders

  • Ex-JPMorgan executive Ktorza files unfair dismissal suit
  • Nihel Bensenane sued Citigroup in a dispute over pay

Two more bankers joined a list of currency traders suing their employers in London following $10 billion in fines dished out by regulators in the wake of the foreign-exchange scandal.

Patrice Ktorza, an executive director in FX sales who left JPMorgan Chase & Co. in August, is suing the bank for unfair dismissal, according to a court filing. Nihel Bensenane, who still works in foreign-exchange sales at Citigroup Inc., is suing in a dispute over pay and sexual discrimination, the records state.

The pair of salespeople add to a group of employees on foreign exchange desks who have sued banks in recent months following widespread firings and internal disputes in the wake of the foreign-exchange scandal. Bensenane is the fourth employee to take Citigroup to court after former traders Perry Stimpson, Carly McWilliams and Robert Hoodless sued.

Ktorza’s hearing is scheduled for June 1 in London, while Bensenane’s case is set for May 31.

Ktorza, and spokesmen for the New York-based banks declined to immediately comment on the filings. Bensenane didn’t immediately respond to a message via her LinkedIn page.

Banks including Citigroup and JPMorgan paid billions in fines after conspiring to manipulate the price of U.S. dollars and euros.

Regulators started investigating how traders were colluding to manipulate benchmark currency rates and profit at clients’ expense in June 2013. They targeted rates used to value trillions of dollars of investments worldwide and to determine the price some companies and fund managers pay to swap currencies.

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