JPMorgan Chase sued the executive responsible for
supervising Bruno Iksil, the trader nicknamed the London Whale for
market-moving wagers at the division responsible for a $6.2 billion trading
loss.
Javier Martin-Artajo, Iksil’s boss in the chief investment
office, is a defendant in a London lawsuit filed Oct. 22 by the bank and made
public today. The court filings didn’t reveal any details of the complaint.
Both men have left the bank.
JPMorgan disclosed trading losses in May after what CEO Jamie
Dimon said were “egregious” failures to manage flawed positions on synthetic
credit securities. The bank is still recovering from those bets, the losses on
which had risen to $6.2 billion through the first nine months of 2012 and may
increase, the bank told Bloomberg....
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