July 6 A former JPMorgan Chase & Co
trader has filed an appeal with a London tribunal court to
challenge civil findings made by Britain's financial watchdog
against the bank over the "London Whale" debacle of 2012, the
Financial Times reported on Sunday, citing tribunal records.
Julien Grout, a junior trader with JP Morgan who was
indicted in the United States in September on five charges, will
allege that he was "readily identifiable" in findings which were
meant to be anonymous, the daily quoted people familiar with the
matter as saying. (on.ft.com/1xCbLfZ)
The French national was accused of participating in a
conspiracy to hide losses within JPMorgan's Chief Investment
Office in London by marking positions in a credit derivatives
portfolio at inflated prices.
Another former JP Morgan employee, Achilles Macris, won the
right to challenge the Financial Conduct Authority in April,
after a tribunal court ruled that by failing to give him the
right of reply to its report into the affair the regulator had
infringed his rights.
Graham Huntley, a London-based solicitor for Grout, and the
FCA could not immediately be reached for a comment outside of
regular business hours in the UK.
Last year, JP Morgan admitted wrongdoing and agreed to pay
more than $1 billion to settle U.S. and British regulatory
probes into the $6.2 billion losses arising from risky
derivatives bets made in 2012 that came to be known as the
"London Whale" trades.
Grout and another one-time trader at the bank, Javier
Martin-Artajo, are considered fugitives by the U.S. government
for not coming to the country to face trial over charges
relating to the scandal. Both men have denied any wrongdoing.
(Reporting by Esha Vaish in Bangalore; Editing by Eric Walsh)