JPMorgan Said to Settle Claim Against Whale Trader’s Supervisor
Javier Martin-Artajo, who helped supervise JPMorgan Chase & Co. (JPM)’s derivatives bets that fueled more than $6.2 billion in losses, settled a lawsuit brought by the firm, a person with direct knowledge of the case said.
JPMorgan sued Martin-Artajo in a London court in October, without detailing its complaint in filings, after his departure from the bank. He had supervised Bruno Iksil, the JPMorgan trader nicknamed the London Whale for market-moving wagers in the unit responsible for the losses.
JPMorgan said last year it had ousted managers responsible for the group’s loss and would claw back pay after discovering evidence that traders, whom it didn’t identify, may have intentionally tried to hide souring bets. The bank today said Chief Executive Officer Jamie Dimon’s pay was cut in half because he also bears responsibility for the blunders.
Joe Evangelisti, a spokesman for the New York-based company, didn’t respond to messages seeking comment. Martin- Artajo’s attorney, Greg Campbell, declined to comment on the settlement’s terms. Reuters reported earlier today that the claim had been settled.
The case is: JPMorgan Chase & Co. v. Mr. Javier Martin- Artajo, High Court of Justice, Queen’s Bench Division, HQ12X04391.
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