Citi ordered to produce material related to DOJ FX spot market investigation

Ex-Citi Forex trader Rohan Ramchandani has secured a small win in the lawsuit against his former employer, as he gained access to a heavy volume of documents related to the Department of Justice (DOJ) investigation of suspected FX spot market manipulation.

Let’s recall that Ramchandani brought this action against Citibank, his former employer. The Complaint alleges one count of malicious prosecution stemming, among other things, from Citi’s disclosure of information about Ramchandani to, and other communications with, the United States Department of Justice (DOJ) in connection with an investigation into a purported criminal antitrust conspiracy arising out of Ramchandani’s role as trader in FX spot markets, and specifically the EUR/USD FX Spot market, on behalf of Citi.

As detailed in the Complaint, Ramchandani alleges, among other things, that:

  • Citi made materially misleading statements regarding Ramchandani, and provided materially misleading accounts of Ramchandani’s conduct, to the DOJ, which played an actionable role in the commencement of the DOJ’s putative criminal case against Ramchandani;
  • Citi knew that the statements and accounts it provided were materially misleading and that Ramchandani had not engaged in criminal antitrust violations; and
  • Citi acted with malice, within the meaning of governing law. Including by falsely identifying Ramchandani (whom Citi knew was not culpable for a criminal antitrust violation) as the single purported wrongdoer within Citi, thereby, among other things, diverting attention from other actually culpable conduct within Citi.

Now, the trader has secured access to important information. This is outlined in an order signed by Magistrate Judge Stewart D. Aaron of the New York Southern District Court on October 8, 2021.

The document, seen by FX News Group, states that no later than Monday, November 8, 2021, Citi will have to produce to Ramchandani all the material they produced to the United States Department of Justice (DOJ) in connection with DOJ’s FX spot market–related investigation of Citi.

The Court found that the material is relevant and proportional to the needs of the case, particularly in light of the fact that such material has been prepared for production previously.

Also, the Court found appropriate Citi’ production of all such material — as opposed to merely that portion of such material specifically concerning Ramchandani – both because the balance of such material may assist in putting documents concerning the trader in context, and because such material’s treatment, or lack thereof, of other alleged wrongdoing employees of Citi is probative of elements of Ramchandani’s claim, including malice.

Further, the Court has confirmed the completion of an in camera review of the grand jury testimony provided to it by DOJ that is responsive to Citi’s request. The Court finds that disclosure is appropriate.

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