Former Forex trader seeks additional documents from Citi
Former Citi FX trader Rohan Ramchandani is seeking additional information from the bank, with the documents to be used in a lawsuit he has brought over malicious prosecution.
On May 26, 2022, Ramchandani filed a motion with the New York Southern District Court for an order requiring Citi to produce the following categories of documents withheld on the privilege grounds:
- memoranda of meetings with the Department of Justice (DOJ);
- internal records concerning the suspension and termination of Ramchandani; and
- communications involving public relations personnel and matters.
The former trader also wants Citi to explain the reasons for its categorical withholding of virtually all documents concerning his termination.
Let’s note that Ramchandani alleges Citi’s PR department was part of a calculated scheme to deflect the blame for any wrongdoing onto him through press communications.
Ramchandani is suing Citi for malicious prosecution stemming, among other things, from Citi’s disclosure of information about Ramchandani to, and other communications with, the 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 allegedly 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.
Citi, in its turn, claims that Ramchandani is belatedly manufacturing discovery disputes.