Traders Could Face Extradition to U.S. in Fixing Lawsuit

FX Week
July 4, 2014

Gregory Asciolla posits on whether EU-based FX participants can face extradition to the U.S. on antitrust charges

In a foreign exchange case regarding antitrust charges of currency benchmark manipulation, Labaton Sucharow partner Gregory Asciolla said, "If U.S. and UK authorities believe that the alleged conduct is a crime in both jurisdictions – in this case price-fixing in violation of antitrust laws – then UK citizens allegedly involved in the manipulation of foreign exchange benchmarks could in theory be extradited to the U.S. in order to face trial here.”

"The UK authorities would have to sanction this after considering a variety of factors, but there is now a precedent for extradition of a foreign national to the U.S. from an EU-member country based on a breach of antitrust laws," he added.