With the New York Southern District Court transferring the Court to request the aid of UK authorities, the plaintiffs filed a raft of records. The request for help is said to be made made pursuant to Chapter I of the Hague Convention of 18 March 1970.
According to the plaintiffs, Mr. Gardiner’s testimony concerning his knowledge of the FX marketplace is relevant to establishing the existence of conspiracy and market manipulation. Moreover, Mr. Gardiner’s testimony regarding his knowledge of communications with every codefendant from 2007 through 2013, including at multi-bank chat rooms, is related to show conspiracy.
Plaintiffs at a US lawsuit targeting some of the world’s major banks such as Barclays PLC, Citigroup Inc., HSBC and JPMorgan Chase & Co. are seeking the assistance of all both UK judicial authorities in order to obtain testimony from Matthew Gardiner, a former worker of a number of the defendants in the litigation.
The plaintiffs – John Nypl, Lisa McCarthy, Mad Travel, Inc. a.k.a. Travel Leaders; Valarie Jolly, Go Anywhere, Inc., William Rubinsohn, rubinsohn Travel, Inc. on behalf of these and those similarly situated, seek damages and other relief for harm due to the defendants’ wrongdoing. The plaintiffs allege, inter alia, the defendant banks, such as Barclays, UBS, and Citicorp conspired to fix FX prices and manipulate the FX marketplace from a time beginning at least as early as January 1, 2007 through December 31, 2013, in violation of U.S. antitrust and commodities exchange laws.
The plaintiffs seek the judicial authority in England permit the examination of Mr. Gardiner to be conducted by lawyers for the plaintiffs or other duly authorized Representatives, qualified to practice law in United States jurisdictions and/or in England and Wales, nominated from the plaintiffs, and that the plaintiffs be allowed to cross-examine Mr. Gardiner.
Permit ’s mention that the action involves claims of a conspiracy to violate the antitrust laws of the United States. Mr Gardiner is a former worker of three of the suspect banks in Citicorp, Barclays, UBS, and this action. In his job at Every defendant, Mr. Gardiner functioned as a Foreign Exchange dealer in G10 currencies in Barclays,UBS, and Citicorp in New York and in London. He is said to have knowledge applicable to this activity. Gardiner, a non-party to the US action, resides in the United Kingdom.
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The plaintiffs allege that the defendants used digital chat rooms with titles such as”The Cartel,””The’ Bandits’ Club,” and also”The Mafia” in furtherance of this conspiracy. Further, the plaintiffs allege that over time, various chat rooms evolved to discuss numerous money pairs outside those for. The plaintiffs claim that foreign currency was bought by them at costs which were inflated by the defendants’ conspiracy and agreement to fix prices. The defendants deny they entered into some agreement to repair prices or otherwise manipulate the FX marketplace.
Moreover, Mr. Gardiner’s testimony regarding his knowledge of compliance problems is supposedly important for trial since the plaintiffs intend to prove either that the defendant banks lacked compliance steps to avoid the conspiracy and/or knew of violations of compliance policies and failed to stop them.
Also, according to the plaintiffs, starting as early as 2007 and continuing through at least 2013, Mr. Gardiner has been an active participant at multibank chat rooms with FX dealers of the suspect banks. Mr. Gardiner’s testimony concerning his chat area communications is viewed as important to spell out at trial, numerous multi-bank talks where he engaged because FX traders possess their very own special jargon and codes that are hard to interpret.