Three traders suing the U.K. Financial Conduct Authority over improper identification in bank settlement notices were given the green light by a London judge to proceed with their cases.
Bloomberg News reports that former Deutsche Bank trader Christian Bittar, former Barclays currency trader Chris Ashton, and Deutsche Bank trader Joerg Vogt can press on with their claims against the FCA immediately, a judge ruled Friday. The FCA had applied for the cases to be put on hold until the Supreme Court decides whether it will take up its appeal in a related case.
The FCA lost a landmark appeal in May when a judge said it failed to properly disguise the identity of Achilles Macris, the former JPMorgan manager of the London Whale trader, in a settlement with the bank. The FCA is seeking permission to appeal the judgment to the Supreme Court.
Lawyers for Bittar, Ashton and Vogt argued in a London court June 18 they didn’t want to wait for the Supreme Court decision, which may not come until autumn, to proceed with their related cases.
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