Promote Your Attorney Profile on Law.net - Get Found / Earn More!
Silicon Valley Company Paid Employees Less than 2 Dollars an Hour
Silicon Valley Company Paid Employees Less than 2 Dollars an Hour
‘Patent Trolls’ and Big Tech Companies Continue Their Fight
‘Patent Trolls’ and Big Tech Companies Continue Their Figh...
Airbnb Likely Coming to San Francisco
Airbnb Likely Coming to San Francisco
Facebook, Mark Zuckerberg Sue Prestigious Law Firm for Fraud
Facebook, Mark Zuckerberg Sue Prestigious Law Firm for Fraud
Legal Job Listings

JPMorgan Sues Bruno Iksil, The London Whale Boss, over $6.2B in Losses

JPMorgan Chase & Co has lost a lot of money on trading and is out to punish those responsible. Specifically, they are going after the executive who supervises Bruno Iksil, also known as “The London Whale,” whose market play and wager losing has cost $6.2 billion in trading loss. They have taken his manager to a British Court for their losses.

Javier Martin-Artajo was Iksil’s immediate supervisor and is the defendant in October 22’s suit. Details are sketchy on the suit, but the botched bets are leading to some management reshuffling as certain investment officers such as Ina Drew and Barry Zubrow are retired, as an internal probe will find out what went wrong with the colossal trading failures, and as JPMorgan attempts some claw back to reclaim what money they can.

Iksil, Martin-Artajo, and Achilles Macris were overseers of the trades. Martin-Artajo has been found to have put higher values on his trade than could have been fetched on the open market, as was discovered in August. JPMorgan is facing regulatory probes over the group’s trading because of issues such as these.

Details of the case will not be released until the defendant acknowledges the claim, and as of yet JPMorgan’s spokespersons have declined to comment, as has Martin-Artajo’s lawyer.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




JPMorgan Sues Bruno Iksil, The London Whale Boss, over $6.2B in Losses by

Tagged: , ,

Daniel June Posted by on October 31, 2012. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Experienced Litigation Attorney
USA-TX-Houston

Boutique litigation defense firm located Downtown Houston seeking attorney with over 5 years litigation experience.  Firm practice includes corporate litigation, insurance defense, workers’...

Related Posts: