Appeals court clears Dimon and others over London Whale

Beached Whale

A federal appeals court said JPMorgan CEO Jamie Dimon and other bank officials need not face a shareholder lawsuit claiming they did a bad job investigating the 2012 "London Whale" trading scandal that caused $6.2bn of losses.

Reuters reports that the 2nd U.S. Circuit Court of Appeals on Thursday said the plaintiff Ernesto Espinoza did not show that JPMorgan's board was grossly negligent or engaged in bad faith in probing the losses and whether bank officials publicly downplayed them, and in deciding not to sue the people involved.

JPMorgan suffered losses in its chief investment office because of derivative bets by Bruno Iksil, known as the London Whale because of the size of his wagers.

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JPMorgan defeats London Whale shareholder lawsuit in U.S.

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