A former JPMorgan Chase commodities trader, fired for mispricing aluminum trades, lost a lawsuit against the bank when a London judge ruled he couldn’t explain why the errors had all been profitable.
Bloomberg reports that Daragh Nott, who was fired in September after the bank found as many as 90 erroneous trades, sued for unfair dismissal at an employment tribunal saying he had made honest mistakes as a result of the pressures of his job.
Nott 'failed to answer adequately why the large number of errors he had made on the aluminum book all favored his' account, adding about $400,000 to his 2010 trading profits, according to an October 17th written decision from employment Judge A. Isaacson.
In the meantime, Reuters reports that Bank of America employees could face civil fraud charges as part of a federal lawsuit accusing the bank of causing taxpayers more than $1bn in losses by selling toxic mortgage loans to Fannie Mae and Freddie Mac, a prosecutor said on Thursday.
'Potentially, the government may amend its complaint to include individuals, present or former employees of Bank of America', Assistant U.S. Attorney Pierre Armand told U.S. District Judge Jed Rakoff.
image: © Justin Marty