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Former JPMorgan Trader Sues US Justice Department Over Records Access
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Richard Usher, the former head of EMEA foreign exchange spot trading for JPMorgan, has filed a lawsuit against the U.S. Justice Department. Usher, who was acquitted in a 2018 federal criminal antitrust trial with two other traders, alleges that the Justice Department has refused to provide access to U.S. records that were part of his prosecution. The lawsuit, filed under the Freedom of Information Act, was submitted by Usher’s attorneys at White & Case in a Washington, D.C., federal court.

The core of the dispute centers around the Justice Department’s antitrust division’s refusal to release FBI reports of a prosecution witness who testified as part of an immunity deal. Usher and his legal team seek access to these records to counterclaims against him that are pending in Brazil. They argue that it is in the public interest and the interest of justice for the government to allow exonerated defendants like Usher to address the allegations against them and clear their names.

Usher’s acquittal came after a jury trial that involved accusations of scheming to rig the multi-trillion dollar foreign exchange currency market. Alongside two other traders, Usher faced charges related to using a chatroom to share information to manipulate benchmark exchange rates. However, their defense lawyers argued that the chatroom conversations were not illegal.

  
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In a related matter, the U.S. Office of Comptroller of the Currency dropped its case against Usher and another trader in 2021. Despite this development, Usher’s legal team contends that the Justice Department’s refusal to grant access to the FBI reports represents an ongoing effort to cover up potentially embarrassing facts related to the failed forex prosecution.

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J. Mark Gidley, a prominent attorney leading White & Case’s global antitrust practice and representing Usher, has not yet responded to requests for comment. Similarly, the Justice Department has not provided an immediate response to similar inquiries.

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The lawsuit underscores Usher’s assertion that the FBI records contain vital evidence of his innocence. His attorneys argue that blocking access to this evidence is a calculated attempt by the government to prevent him from proving his innocence in light of the dropped case by the Office of Comptroller of the Currency.

The legal battle is further complicated by Usher’s desire to address claims against him in Brazil. Access to the FBI reports could provide crucial information to refute these allegations and secure his reputation.



During the 2018 trial, a group of major banks implicated in the alleged conspiracy pleaded guilty and were collectively fined more than $2.8 billion. However, Usher’s acquittal raised questions about the strength of the government’s case against the traders, leading to increased scrutiny of the prosecution’s handling of evidence.

Usher’s attorneys have accused the Justice Department of zealously blocking their client’s access to the vital evidence, emphasizing that it is essential for exonerated defendants to have the opportunity to clear their names and dispel any lingering doubts about their innocence.

As the lawsuit moves forward in the federal court, the outcome could have broader implications for how the Justice Department handles exonerated defendants’ requests for access to records crucial to their defense. The case highlights the delicate balance between protecting sensitive information and ensuring transparency and justice in the legal system.

The lawsuit filed by Richard Usher, the acquitted ex-JPMorgan trader, against the U.S. Justice Department sheds light on the ongoing challenges faced by individuals seeking access to records vital for their defense. As the legal battle unfolds, it remains to be seen how this case will impact the broader landscape of exonerated defendants seeking justice and vindication.

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