JPMorgan trader victory appealed by regulator

JPMorgan still

The U.K. Financial Conduct Authority will appeal a ruling that it improperly identified a former JPMorgan. trader involved in the London Whale scandal in a penalty notice against the bank.

Bloomberg News reports that the FCA got the go-ahead earlier this month to appeal its case against Julien Grout, who worked under the so-called London Whale Bruno Iksil, according to court documents. While the claim hasn’t been filed, a spokesman for the regulator confirmed the agency’s plans.

On July 7, Grout became the latest banker to win a suit against the FCA over improper identification in settlements after a judge ruled he was identifiable in a $181m sanction notice against JPMorgan. The regulator is obliged to give a person the chance to respond to allegations before publishing a notice if they’re recognizable. To avoid this, the FCA uses monikers such as "Trader A" to hide their identities.

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

Ex-JPMorgan Trader Victory in Identity Suit Appealed by U.K. FCA

British Economy’s Last Hurrah Awaited Before Brexit Growth Shock

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News