First there was one. Then three. Now the U.K. Financial Conduct Authority is facing nine lawsuits for improperly identifying traders in penalty notices, in what has quickly become a nightmare for the agency.
Bloomberg News reports that in a London court Thursday, the FCA faced a roomful of more than 20 lawyers protesting the reputational damage their clients suffered as a result of its failure to sufficiently disguise them in bank settlement reports.
The hearing was the first in a series of headaches the FCA faces on the matter and could change the future of U.K. enforcement proceedings.
The deluge of cases comes after the FCA lost a landmark appeal in May when a judge said it failed to properly hide the identity of Achilles Macris, the former JPMorgan manager of the London Whale trader, in its settlement with the bank. The FCA is seeking permission to appeal the judgement to the Supreme Court.
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