On January 10, 2017, a federal grand jury indicted Richard Usher, Rohan Ramchandani and Christopher Ashton with conspiring to fix prices and rig bids in the foreign currency exchange (“FX”) spot market.  During the time of the charged conduct, Usher worked at the Royal Bank of Scotland plc and later an affiliate of JPMorgan Chase & Co., Ramchandani worked at an affiliate of Citicorp, and Ashton worked at an affiliate of Barclays plc.  According to the indictment, the individuals conspired to manipulate the price of U.S. dollars and euros exchanged in the FX spot market by coordinating their orders through near-daily discussions.  The indictment alleges that they coordinated their orders, colluded around the time of certain benchmark rates, and traded in an effort to manipulate the currency price at the time of the fix.  These charges follow the guilty pleas and sentencings of Barclays PLC, Citicorp, JPMorgan Chase & Co., and the Royal Bank of Scotland plc in May 2015 in the District of Connecticut for antitrust violations in the FX market.  U.S. v. Usher et al., No. 17-CR-019 (S.D.N.Y.). DOJ Press Release