Ex-JPMorgan trader sues regulator over London Whale report

Beached Whale

A former JPMorgan trader who was indicted in relation to the London Whale’s losses became the latest banker to go to court over claims a U.K. regulator improperly identified him in a report about the scandal.

Bloomberg News reports that the Financial Conduct Authority failed to properly anonymize Julien Grout in a penalty notice accompanying a $199m fine against the bank in 2013, Richard Lissack, his lawyer, told a London court Thursday. The FCA’s attempt to disguise Grout by referring to the 37-year-old as the "traders on the SCP"-- synthetic credit portfolio desk -- was insufficient because Grout was one of only four traders on the desk, Lissack said.

"There is no doubt whatsoever that Mr. Grout was one of the traders on the SCP," Lissack told the court. "Once the group, the collective, is identified, and it is, and once it is established that an individual is a member of the identified collective," anonymity is lost.

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

Ex-JPMorgan Trader Grout Sues FCA Over London Whale Report

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