London Whale’s Letter to Bloomberg: Losses Not His Fault

Bruno Iksil, a former JPMorgan Chase trader better known as the “London Whale,” sent a letter to Bloomberg stating that he is not responsible for the losses suffered in the scandal.

Reuters: JPMorgan to Face ‘London Whale’ Class Action

Reuters reported JPMorgan Chase shareholders won court permission to pursue their securities fraud lawsuit against the bank of the “London Whale” trading scandal as a class action.

‘Missed Opportunity’: Report Criticizes London Whale Scrutiny

Bloomberg reported, citing a watchdog report, that the Federal Reserve Bank of New York had botched the oversight of JPMorgan Chase office that ultimately took $6.2 billion in trading losses as a result of the London Whale scandal.

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 “London Whale” trading scandal has won the right to a legal challenge of the British regulator’s decision to drop its investigation.

JPMorgan to Face Lawsuit Over ‘London Whale’ Scandal

Reuters reported that JPMorgan Chase must face a lawsuit from shareholders accusing it of securities fraud by misleading them about its ability to manage risk, which surfaced when it lost $6.2 billion in the “London Whale” scandal.

Bloomberg: JPMorgan Admission a Win for SEC Policy

Bloomberg reported that the U.S. Securities and Exchange Commission, in settling claims with JPMorgan Chase over its handling of a $6.2 billion trading loss, fulfilled a pledge to force wrongdoers to admit guilt.

JPMorgan Reaches Settlements With Regulatory Bodies

JPMorgan Chase said it will pay approximately $920 million in total penalties to the SEC, the UK Financial Conduct Authority, the Federal Reserve and the OCC resulting from its “trading incident and its aftermath.”

WSJ: J.P. Morgan ‘Whale’ Investigation Continues

The Wall Street Journal reported that although J.P. Morgan Chase is preparing to pay at least $800 million in “London whale” fines, the Commodity Futures Trading Commission is investigating whether the bank manipulated a market index tied to corporate bonds.

WSJ: JPMorgan ‘Whale’ Trader Arrested in Spain

The WSJ reported that one of two former JPMorgan traders was arrested by Spanish police Tuesday. The article noted Javier Martin-Artajo, charged with hiding the London Whale losses, turned himself in to Madrid police.

SEC Charged JPMorgan Traders in ‘Whale’ Losses

The SEC charged former JPMorgan traders, Javier Martin-Artajo and Julien Grout, with fraudulently overvaluing investments in order to hide massive losses in a portfolio they managed.