Javier Martin-Artajo and Julien Grout have had charges dropped after testimony of trader Bruno Iksil ruled unreliableUS prosecutors have decided to drop criminal charges against two former JP Morgan Chase & Co derivatives traders implicated in the “London Whale” trading scandal that caused $6.2bn (£4.7bn) of losses in 2012. The scandal briefly hurt the reputation of JP Morgan chief executive Jamie Dimon, who initially called it a “tempest in a teapot”. JP Morgan ultimately paid more than $1bn and admitted wrongdoing to settle related US and British investigations. London Whale scandal to cost JP Morgan $920m in penalties Read moreIksil has chafed at the “London Whale” moniker and being portrayed as solely at fault for the losses. Iksil’s lawyer and JP Morgan did not immediately respond to requests for comment.

Source: The Guardian July 21, 2017 23:37 UTC