JPMorgan look to reach Whale settlement for around $600m

Beached Whale

Regulators, including the U.S. Securities and Exchange Commission and the UK Financial Conduct Authority, are in intense negotiations with lawyers for JPMorgan to reach a global settlement, the source said.

Reuters News reports that prosecutors from U.S. Attorney Preet Bharara's office were also involved in the talks, the source said. Their role in the talks was unclear.

Julie Bolcer, a spokeswoman for Bharara, declined to comment. The SEC and JPMorgan did not immediately respond to requests for comment.

The global settlement talks are expected to address events surrounding the losses JPMorgan incurred when London-based traders in the bank's chief investment office amassed an oversized stake in an illiquid derivatives market, building positions so big they earned one trader, Bruno Iksil, the nickname 'the London Whale'.

U.S. prosecutors charged Spaniard Javier Martin-Artajo and a junior colleague, Frenchman Julien Grout, with wire fraud and conspiracy to falsify books and records related to the trading losses, which were executed by Iksil.

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