London Whale trader to be ordered to testify in JPMorgan suit

Beached Whale

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

One U.S. Banker Is Ready to Raise His Rates, With or Without the Fed

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts