‘London Whale’ assistant Julien Grout denies all allegations and wins right to clear his name

On 7 July 2016 the FCA’s Tax and Chancery Chamber of the Upper Tribunal handed down a judgment confirming that Julien Grout, who was the most junior assistant to Mr Bruno Iksil, widely referred to as the ‘London Whale’, had been identified by criticisms published by the FCA in its Final Notice against JP Morgan dated 18 September 2013, regarding the JPM losses of USD6.5 billion in its complex Credit Default Swaps (CDS) portfolio.