Ex-JPMorgan Trader Grout Sues FCA Over London Whale Report
- Julien Grout claims FCA improperly identified him in notice
- Grout indicted by U.S. over claims he tried to hide losses
The offices of JPMorgan Chase in Canary Wharf, London.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
A former JPMorgan Chase & Co. trader who was indicted in relation to the London Whale’s losses became the latest banker to go to court over claims a U.K. regulator improperly identified him in a report about the scandal.
The Financial Conduct Authority failed to properly anonymize Julien Grout in a penalty notice accompanying a 138 million-pound ($199 million) fine against the bank in 2013, Richard Lissack, his lawyer, told a London court Thursday. The FCA’s attempt to disguise Grout by referring to the 37-year-old as the "traders on the SCP"-- synthetic credit portfolio desk -- was insufficient because Grout was one of only four traders on the desk, Lissack said.