A lawsuit against Citibank, accused of failing to disclose millions of dollars of markups and failing to complete unprofitable trade deals has failed to gain support for claims of fraud by two Mexican foreign exchange traders. Traders Eduardo Negrete and Gervasio Negrete alleged that Citibank failed to execute transactions “for the sole reason that it was not going to realize a profit.” The case was filed in the U.S. District Court for the Southern District of New York on Friday after a complaint from the Securities Exchange Commission (SEC) that alleged Citibank had engaged in “deceptive trading”
A lawsuit against Citibank, accused of failing to disclose millions of dollars of markups and failing to complete unprofitable trade deals has failed to gain support for claims of fraud by two Mexican foreign exchange traders. The case was filed in the U.S. District Court for the Southern District of New York on Friday after a complaint from the Securities Exchange Commission (SEC) that alleged Citibank had engaged in “deceptive trading”