Ex-JPMorgan exec wins London Whale court battle

Beached Whale

A former JPMorgan executive who supervised a division that ran up $6.2bn of losses in the 'London Whale' scandal of 2012 has won a second legal challenge against Britain's regulator in a closely watched court battle.

Reuters reports that the Court of Appeal said on Tuesday that although Achilles Macris had not been named, he had been improperly identified when the Financial Conduct Authority (FCA) fined JPMorgan almost $217m in 2013 over huge bets by former trader Bruno Iksil.

The case has been closely watched by other traders, who also believe they have been identified in FCA notices, prejudiced and not given a right of reply, and the latest decision could have implications for how much detail the FCA can publish in enforcement notices.

To access the complete Reuters article hit the link below:

Former JPMorgan exec wins London appeal over Whale case

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