Ex-traders facing charges over exchange-rate tampering

The Justice Department on Tuesday is expected to bring criminal charges against three ex-traders following an investigation into tampering of foreign exchange rates at major banks.

The ex-traders — Richard Usher, formerly of JPMorgan; Rohan Ramchandani, formerly of Citigroup; and Chris Ashton, formerly of Barclays, are facing charges in a New York federal court, according to news reports. 

In May 2015, JPMorgan, Barclays, the Royal Bank of Scotland and a Citigroup unit pleaded guilty to conspiring to manipulate currency prices and agreed to pay more than $2.5 billion in criminal fines.

{mosads}From 2007 to 2013, the traders were part of a group that aimed to skew the exchange rates to increase their profits.