Thursday, November 1, 2012

Former “London Whale” Boss Sued by JPMorgan Chase & Co.(NYSE:JPM)

The lawsuits slapped by companies on one another do not seem to end. The Apple-Samsung rival is making news all over the world not just for their cutting edge products but also due to their patent infringement lawsuits spanning across at least 10 countries. This time it is JPMorgan Chase & Co.(NYSE:JPM) that have taken the legal course of action.

The company has filed a lawsuit against boss of Bruno Iksil, the trader known as the London Whale. Monikers also referred to him as Voldemort due to his outsize position.The lawsuit is based on the grounds that the outsized derivatives positions, he took from the bank; cost them a whopping $6.2 billion. Javier Martin-Artajo, Iksil's immediate supervisor was announced as a defendant in the lawsuit that has been filed at London's High Court on October 22.

However, there has been no comment from a JPMorgan spokeswoman in New York and details regarding the court filing will not be available for release till the defendant concedes to the claim.

The law firm Mishcon de Reya is representing Martin-Artajo. Greg Campbell, a partner at the firm has said that his client will be cleared of all charges after each and every detail and event has been analyzed and evaluated. Since JPMorgan has not been able to provide proofs that corroborate the allegations Martin-Artajo can begin the process of his defense. Campbell adds that his client is extremely unhappy of the bank unjustly accusing him for covering up the losses suffered by them and emphasizes that there was never any attempt to conceal losses as well.

Executives from JPMorgan had stated in July that steps would be taken to get back pay from supervisors and traders who are mixed up in the losses.

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