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2 Minutes ReadSlideshow ( 2 images ) (Reuters) – LONDON (Reuters) – A US regulator has abandoned an exchange-rate rigging case against two former top London currency traders, the agency announced on Thursday, putting an end to an eight-year investigation by US authorities. According to their lawyers, the agency, and a court notice, the US Office of Comptroller of the Currency (OCC) withdrew its case in federal court against Richard Usher, a former JPMorgan head of EMEA foreign exchange spot trading, and Rohan Ramchandani, a former Citigroup European forex trading head. “After careful consideration of the unique facts and circumstances involved, the agency decided to discontinue the action on the advice of counsel,” an OCC spokeswoman said. “While the agency is no longer pursuing this specific case,” the official added, “it is dedicated to holding individuals accountable for their acts.” The men were acquitted by a jury in a US District Court in 2018 on allegations of conspiring to rig the multi-trillion dollar FX market. They have faced no repercussions from British authorities. They had traveled to the United States voluntarily to face the charges. Despite this, the OCC wanted to ban them from the business for life and punish them $1.5 million. Their lawyers indicated they would face another trial later this year. “This is a complete and comprehensive exoneration for Mr Usher,” Paul Hastings’ Jonathan Pickworth said, adding that the OCC had pursued a case that was without basis. “It puts an end to an eight-year ordeal in which he has had to face two sets of stressful and expensive processes in the United States… Mr Usher may now justifiably feel completely vindicated and attempt to restore normal life,” he said. “Finally, on the eve of trial, they have dismissed their notice, and my client will perhaps experience some vindication after doggedly fighting these bogus claims,” said Heather Nyong’o, a WilmerHale lawyer for Ramchandani. Kirstin Ridley contributed reporting; Michelle Price contributed further reporting; Cynthia Osterman edited the piece./nRead More

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