JPMorgan, Citigroup Sued in London by Two More Currency Traders

JPMorganA view of the entrance to the Citigroup office in Canary Wharf, London. PHOTO: GETTY IMAGES/OLI SCARFF

Two more bankers joined a list of currency traders suing their employers in London following $10 billion in fines dished out by regulators after the foreign-exchange scandal.

Patrice Ktorza, an executive director who left JPMorgan Chase & Co. in August, is suing the bank for unfair dismissal, according to a court filing. Nihel Bensenane, who still works in foreign-exchange sales at Citigroup Inc., is suing in a dispute over pay and sexual discrimination, the records state.

The pair join a group of currency traders to sue banks in recent months following widespread firings and internal disputes in the wake of the foreign-exchange scandal. Bensenane is the fourth employee to take Citigroup to court after former traders Perry Stimpson, Carly McWilliams and Robert Hoodless sued.

Ktorza’s hearing is scheduled for June 1 in London, while Bensenane’s case is set for May 31.

Ktorza, and spokesmen for Citigroup and JPMorgan declined to immediately comment on the filing. Bensenane didn’t immediately respond to a message via her LinkedIn page.

Banks including Citigroup and JPMorgan paid billions in fines after conspiring to manipulate the price of U.S. dollars and euros.

Regulators started investigating how traders were colluding to manipulate benchmark currency rates and profit at clients’ expense in June 2013. They targeted rates used to value trillions of dollars of investments worldwide and to determine the price some companies and fund managers pay to swap currencies.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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