Reuters logo
Traders drop improper identification cases against UK watchdog
April 26, 2017 / 12:55 PM / 8 months ago

Traders drop improper identification cases against UK watchdog

LONDON (Reuters) - 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.

The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

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 U.S. bank over the “London Whale” trading scandal in 2013.

Former Deutsche Bank (DBKGn.DE) trader Christian Bittar, ex Barclays (BARC.L) trader Philippe Moryoussef and traders Richard Usher, formerly at JPMorgan (JPM.N), Rohan Ramchandani, once at Citigroup (C.N), 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.

FCA penalty notices against banks it has investigated often refer to individuals as “Trader A” or “Manager B” to illustrate alleged misconduct, while protecting their anonymity.

But the traders had argued that although they had not been named, details and statements made by the FCA in the penalty notices made them identifiable, prejudicing their rights.

Defence lawyers have said that a regulatory policy of publicly criticising unnamed individuals in speedy corporate settlements means people who later face investigation can feel they have been tainted by an unfair or unbalanced process.

Additional reporting by Jamie McGeever; editing by Alexander Smith

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below