British Cartel Traders Acquitted of Rigging Currency Market
- Jury rejects charge that chatroom was used to fix prices
- Usher, Ramchandani, Ashton are not guilty after New York trial
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Three British traders were acquitted of using an online chatroom to fix prices in the $5.1 trillion-a-day foreign exchange market, a blow to global efforts to police the industry.
A federal jury in New York rejected the U.S. claim that Richard Usher, Rohan Ramchandani and Chris Ashton, a group known as "The Cartel," rigged the market from 2007 to 2013 by coordinating trades and manipulating prices on the spot exchange rate for euros and U.S. dollars.