JPMorgan Must Face Suit by Fired Trader Claiming Retaliation
- Donald Turnbull says he was fired for cooperating in US probe
- Bank paid $920 million in 2020 to settle spoofing claim by DOJ
A JPMorgan Chase & Co. office building in New York.
Photographer: Daniel Tepper/BloombergThis article is for subscribers only.
JPMorgan Chase & Co. must face a suit from a former trader who claims he was fired for cooperating with US prosecutors probing illegal spoof trades at the bank’s precious-metals trading business, a federal judge in New York ruled.
Donald Turnbull was fired in 2019, at a time when the bank also was cooperating with the government probe. JPMorgan, the largest US bank, agreed in 2020 to pay more than $920 million to resolve government claims that its trading desks were spoofing markets in precious metals and treasuries.