​Ex-JPM Trader Represented by Signature Litigation Wins Review of FCA’s Decision to Drop Probe

News of Signature Litigation client Julien Grout published in Bloomberg.

“Former JPMorgan Chase & Co. trader Julien Grout was granted a court review of a U.K. regulator’s decision to drop him from a probe into a $6.2 billion trading loss before he was allowed to respond to the allegations.

Richard Lissack, Grout’s lawyer, told the London court today that the decision by the Financial Conduct Authority was “irrational and unlawful.” The FCA dropped its probe into Grout because of pending U.S. charges, Lissack said.

JPMorgan agreed in September to pay about $920 million to settle U.S. and U.K. investigations into the losses stemming from Bruno Iksil, the Frenchman who became known as the London Whale for the size of his positions. The U.S. also filed criminal charges against Grout and Javier Martin-Artajo, who oversaw synthetic credit trading at the bank’s chief investment office in London.”

Read the full article here.