LONDON, March 22 (Reuters) - The UK’s markets regulator did not wrongfully identify a former JPMorgan executive in a landmark case over what details it can publish when it fines banks for breaching rules, the Supreme Court ruled on Wednesday.
The ruling will set a precedent for seven similar cases in which traders say they were criticised in Financial Conduct Authority (FCA) penalty notices and were not given the chance to contest findings before they were published.
“The FCA is pleased that there is now a final ruling and is considering the impact of the Supreme Court’s judgment on other third party (cases) currently before the tribunal,” a FCA spokeswoman said.
The FCA had challenged lower court rulings that it identified Greek national Achilles Macris, without naming him, when it fined JPMorgan 138 million pounds ($172 million) in 2013 over the “London Whale” scandal.
Macris was the former chief investment officer of JPMorgan’s synthetic credit portfolio team in London, which ran up $6.2 billion in losses in 2012 in the “London Whale” trades, so-called because of their magnitude. The bank was fined $1.0 billion by U.S. and UK regulators for management failings.
$1 = 0.8009 pounds Reporting by Kirstin Ridley; Editing by Elaine Hardcastle