| LONDON, June 13
LONDON, June 13 Three London-based former
currency traders facing U.S. charges that they tried to
manipulate prices in the world's largest financial market have
agreed not to fight extradition, and will appear at a New York
court hearing next month.
Rohan Ramchandani, Richard Usher and Chris Ashton, formerly
of Citi, JP Morgan Chase and Barclays -
dubbed the "Cartel" - were indicted by the Department of Justice
A preliminary hearing in New York has been scheduled for
July 17. As per the bail terms agreed with the DOJ, the three
men, who all deny wrongdoing, will be able to return to and stay
in Britain until the case comes to trial.
"Mr Ramchandani has agreed to travel voluntarily to the USA
to stand trial and clear his name. He has not committed any
criminal offence," said Alison Geary, a lawyer at WilmerHale in
London acting on behalf of Ramchandani, in a statement.
Sara George, partner at Stephenson Harwood acting on behalf
of Chris Ashton, said in a statement: "Chris Ashton has reached
an agreement with the U.S. Department of Justice which will
allow him to travel voluntarily to the United States to stand
trial for an offence ... which he did not commit."
Jonathan Pickworth, a lawyer at White & Case, representing
Usher, said in a statement that his client "welcomes the
opportunity to defend himself and set the record straight – the
first time he has had such opportunity in the four years since
this investigation began."
The three men were members of the "Cartel" electronic
chatroom in which they are alleged to have shared sensitive
client order information to manipulate exchange rates.
Britain's Serious Fraud Office in March last year closed its
own criminal investigation, concluding that there was
"insufficient evidence for a realistic prospect of conviction."
The global FX investigation into allegations that the
"Cartel" and others rigged benchmark FX rates resulted in the
world's biggest banks paying $10 billion in fines and dozens of
traders being fired.
(Editing by Jeremy Gaunt)