Ex-JPMorgan trader wrongly identified in London Whale case

Beached Whale

A former JPMorgan Chase trader involved in the London Whale case was improperly identified by the U.K. regulator in its penalty notice over the scandal, a court ruled.

Bloomberg News reports that Julien Grout, who worked under the so-called London Whale Bruno Iksil, was identifiable in the U.K. Financial Conduct Authority’s $182m settlement with the bank, despite its attempts to keep his name anonymous, Judge Timothy Herrington said in a ruling handed down July 7. The bank was fined more than $1bn by global regulators in 2013 after Iksil incurred $6.2bn in losses.

“The matters included in the decision notice identified Grout in the relevant sense and manner,” Herrington said in his ruling. "Certain of those matters are prejudicial to Grout and the preliminary issue is decided in his favor."

Grout is the latest banker to win a suit against the FCA over improper identification in settlements. The regulator lost a landmark appeal last year in relation to a colleague of Grout’s, Achilles Macris, who managed Iksil at JPMorgan. The FCA will take the case to the Supreme Court in October.

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

Ex-JPMorgan Trader Wins FCA Identity Suit Over London Whale

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