London Whale loses appeal

THE financial watchdog did not wrongfully identify a JPMorgan executive linked to the London Whale scandal, the Supreme Court has ruled.

The Financial Conduct Authority (FCA) had hidden Achilles Macris’s identity when it fined the bank for running up £4.3bn in losses through a complex financial instrument.

The judgement could shield the FCA from challenges by other traders claiming they were not given a chance to contest findings.

JPMorgan was hit with £739m in fines by US and UK regulators in 2013 in the London Whale scandal, with Macris being fined £792,900.

The Supreme Court yesterday overturned the Court of Appeal decision that Macris’s identity had been wrongly revealed.