January 4, 2019 / 11:37 PM / 2 months ago

2nd Circuit rejects fraud claims over Citibank currency trades

Two Mexican foreign exchange traders who accused Citibank of pocketing at least $30 million in undisclosed markups on their foreign currency trades did not show that the bank committed fraud or breached any contracts, a federal appeals court ruled.

In a decision on Thursday affirming a lower court’s ruling, a three-judge panel of the 2nd U.S. Circuit Court of Appeals said the traders, brothers Eduardo and Gervasio Negrete, failed to point to any specific instance where Citibank agreed not to profit on trades by adding markups.

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