U.S. to drop charges against ex-J.P. Morgan traders in London Whale case
The U.S. government on Friday dropped charges against two former derivatives traders at J.P. Morgan Chase & Co. --Javier Martin-Artajo and Julien Groupt--in the London Whale case, according to a statement from the U.S. Attorney for the Southern District of New York. The U.S. decided not to pursue the charges after it determined that it can no longer rely on the testimony of Bruno Iksil, a former colleague of the defendants. Iksil was one of the several at J.P. Morgan that were involved in a trading debacle that resulted in over $6 billion in losses for the bank. London Whale was a nickname given to Iksil by his competitors.
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