LONDON: A group of senior traders have dropped lawsuits in which they alleged they had been improperly identified in public statements following investigations by the UK’s financial regulator.
Their move comes after the Supreme Court, the UK’s highest court, ruled last month that the Financial Conduct Authority (FCA) had not identified former JPMorgan executive Achilles Macris when it fined the US bank over the “London Whale” trading scandal in 2013.
Former Deutsche Bank trader Christian Bittar, ex Barclays trader Philippe Moryoussef and traders Richard Usher, formerly at JPMorgan, Rohan Ramchandani, once at Citigroup, and Chris Ashton, also once at Barclays, are among those to withdraw their cases, a London court clerk said. Lawyers for the men declined to comment or did not immediately respond, while the FCA also declined to comment on Wednesday. Last month’s landmark ruling overturned a previous Court of Appeal decision that Macris had been identifiable and denied his “third party rights” to contest regulatory findings before they are published and see evidence on which they are based.
On May 1st, on the occasion of International Labor Day, a heartfelt message was issued…
Gold prices extended their decline in Pakistan for the third straight session on Tuesday, in…
The Rupee on Tuesday gained 08 paisa against the US dollar in the interbank trading…
Pakistan earned US $614.947 million by providing different transport services in various countries during the…
The Board of Directors of Habib Bank Limited, one of the country’s largest commercial banks,…
The State Bank of Pakistan will be closed on May 1, tomorrow, due to a…
Leave a Comment