JPMorgan Chase : Ex-JPMorgan trader to challenge UK watchdog over London Whale decision

A former JPMorgan trader charged in the United States over his alleged role in the $6.2 billion “London Whale” trading scandal has won the right to a legal challenge of the British regulator’s decision to drop its investigation into him.

Lawyers said the trader, Julien Grout, might want the investigation to continue in Britain as its findings could affect the case against him in the United States.

A High Court judge ruled on Tuesday that Grout could bring a so-called judicial review of the Financial Conduct Authority’s (FCA) decision to end its probe before he was able to respond to the allegations.

Richard Lissack, a barrister for Grout, said the FCA dropped its investigation because of pending U.S. charges. The review would challenge the rationality of that decision, Lissack said.

Read on.

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