#Watch defense attorney conspire trial
Providing the jury a common sense explanation for the charged conduct, Manning said during the trial: “Letting off steam in a chatroom . . . does not violate the Sherman Anti-Trust Act.” The defense attorneys demonstrated throughout the trial that the chatrooms were commonplace in the industry a place where interbank colleagues would share information and joke around. Mark Gidley and Michael Kendall of White & Case LLP. Usher was represented by Andrew Tomback, J. She is currently a partner in WilmerHale’s Antitrust and Competition Group. Tewksbury is another woman to watch in the field, as was evidenced by her inclusion in Diversity Journal’s 2017 “Women Worth Watching” list. Ramchandani was represented by Heather Tewksbury and Anjan Sahni of WilmerHale. But the government claimed that they went further, to coordinate their trades and move prices in the same direction or cause a loss for others, thereby affecting daily benchmark rates (and profiting).īut after years of fighting the charges and a two-week trial, Ashton, Usher, and Ramchandani were found not guilty. The former traders would discuss their interests and open positions in the online chats before key benchmark prices were set in London. Prosecutors claimed that the former traders used a private, interbank Bloomberg chatroom they called “the cartel,” to coordinate their trading to rig the $5.1 trillion-a-day foreign exchange market. Barclays, Citigroup, JPMorgan, and other banks, entered related guilty pleas. That investigation resulted in about $10 billion in fines for large banks. The three men were charged in January of 2017 for alleged conduct from 2007 to 2013, following worldwide investigations into banks for rigging the London interbank offered rate (Libor), a benchmark interest rate. But last month, a Manhattan federal jury acquitted the three British former foreign exchange traders of the forex-rigging charges. respectively, were accused of using a chatroom dubbed “the cartel” to conspire to fix prices and thereby suppress competition in violation of the Sherman Antitrust Act. The case was being closely watched by forex traders and criminal antitrust lawyers around the world.Ĭhristopher Ashton, along with Richard Usher and Rohan Ramchandani, formerly of Barclays PLC, JPMorgan Chase & Co., and Citigroup Inc. In a trial in the Southern District of New York, Manning, along with her partner, David Schertler of Schertler & Onorato LLP, represented Christopher Ashton, who was charged with foreign exchange market (forex) anti-trust violations, otherwise known as forex-rigging. Last month, Lisa Manning and her client finally heard the two words that every defense attorney strives to hear, NOT GUILTY.
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