London Whale trader to be ordered to testify in JPMorgan suit

A judge in Manhattan asked French authorities to order the former JPMorgan trader known as the 'London Whale' to testify in a lawsuit accusing the bank of misleading investors about its high-risk trading and losses.

Bloomberg News reports that U.S. District Judge George B. Daniels on Monday signed a request that Bruno Iksil, a resident of France, be questioned in a seven-hour deposition in that country about the bank’s synthetic derivatives trading. Iksil’s huge trading bets lost $6.2bn in 2012.

The investors, led by a group of pension funds, claim the bank turned its chief investment office into a 'secret hedge fund' that took speculative, high-risk bets rather than managing risk as the bank claimed to the public.

To access the complete Bloomberg News article hit the link below:

‘London Whale’ Testimony Sought in JPMorgan Shareholder Suit

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