Three former London-based traders pleaded not guilty on Monday to U.S. charges they conspired to rig prices in the roughly $5 trillion foreign exchange market.
Chris Ashton, Rohan Ramchandani and Richard Usher, who worked at Barclays Plc, Citigroup Inc and JPMorgan Chase & Co, respectively, entered their pleas through their lawyers before U.S. District Judge Richard Berman in Manhattan.
The defendants were charged in January, and agreed last month to appear in Manhattan rather than fight extradition.
Bail has been set at $200,000 for Ashton, $1 million for Ramchandani and $650,000 for Usher, each partially secured by cash. The defendants plan to jointly seek dismissal of the case.
U.S. prosecutors accuse them of scheming with other traders to share sensitive client order information through phone calls and an electronic chat room known as the “Cartel” to suppress competition.
Ashton was Barclays’ global head of spot currency...