‘Cartel’ Traders Urge U.S. Judge to Toss Forex-Rigging Charges
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A trio of former British currency traders pushed a U.S. judge to throw out charges they conspired to fix the foreign-exchange market, arguing that they can’t be guilty of violating U.S. antitrust laws because the banks for which they worked weren’t always in direct competition.
Attorneys for former traders Richard Usher, Chris Ashton and Rohan Ramchandani on Monday said the banks that employed them weren’t always buyers or sellers in the foreign-exchange spot market but were often counterparties making deals, like automakers who sell excess inventory to each other.