Daily News: July 9, 2014

Trader to Challenge UK Watchdog over ‘London Whale’ Decision

Reuters reported that a former JPMorgan trader charged in the U.S. over his alleged role in the $6.2 billion “London Whale” trading scandal has won the right to a legal challenge of the British regulator’s decision to drop its investigation into him.

According to Reuters , a High Court judge ruled that trader Julien Grout could bring a so-called judicial review of the Financial Conduct Authority’s (FCA) decision to end its probe before he was able to respond to the allegations.

Reuters notes that a barrister for Grout said the FCA dropped its investigation because of pending U.S. charges. The review would challenge the rationality of that decision.

To view the full Reuters report, click here.