United States v. Citicorp

No. 15-CR-78 (May 20, 2015)

From our private database of 45,900+ case briefs, written and edited by humans—never with AI.

United States v. Citicorp

United States District Court for the District of Connecticut
No. 15-CR-78 (May 20, 2015)

Facts

Between December 2007 and January 2013, euro-dollar traders at Citicorp (defendant), JPMorgan, Barclays, and RBS used an exclusive chat room and coded language in order to manipulate benchmark exchange rates in the foreign exchange (FX) spot market and increase profits. The United States Department of Justice (DOJ) (plaintiff) launched an investigation into this behavior. The DOJ subsequently brought actions against Citicorp and the other banks in district court. In May 2015, Citicorp agreed to plead guilty to a felony charge of conspiring to fix prices and rig bids for United States dollars and euros exchanged in the FX spot market. Citicorp agreed to a three-year period of corporate probation that would be overseen by the court. The probation required regular reporting to authorities and cessation of all criminal activity. Citicorp had agreed to send disclosure notices to all of its customers and counterparties that may have been affected by the illegal sales and trading practices. Citicorp was required to disclose that it engaged in practices such as adding markups to price quotes, working limit orders at levels better than the limit-order price without informing clients so that Citicorp would earn a spread or markup, and deciding not to fill clients’ limit orders at all or in part in order to profit from a spread or markup in connection with the order execution.

Rule of Law

Issue

Holding and Reasoning ()

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 734,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials
  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 734,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 45,900 briefs, keyed to 984 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 734,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 45,900 briefs - keyed to 984 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership