| LONDON, April 26
LONDON, April 26 A group of senior traders have
dropped lawsuits in which they alleged they had been improperly
identified in public statements following investigations by the
UK's financial regulator.
Their move comes after the Supreme Court, the UK's highest
court, ruled last month that the Financial Conduct Authority
(FCA) had not identified former JPMorgan executive Achilles
Macris when it fined the U.S. bank over the "London Whale"
trading scandal in 2013.
Former Deutsche Bank trader Christian Bittar, ex
Barclays trader Philippe Moryoussef and traders Richard
Usher, formerly at JPMorgan, Rohan Ramchandani, once at
Citigroup, and Chris Ashton, also once at Barclays, are
among those to withdraw their cases, a London court clerk said.
Lawyers for the men declined to comment or did not
immediately respond, while the FCA also declined to comment on
Last month's landmark ruling overturned a previous Court of
Appeal decision that Macris had been identifiable and denied his
"third party rights" to contest regulatory findings before they
are published and see evidence on which they are based.
FCA penalty notices against banks it has investigated often
refer to individuals as "Trader A" or "Manager B" to illustrate
alleged misconduct, while protecting their anonymity.
But the traders had argued that although they had not been
named, details and statements made by the FCA in the penalty
notices made them identifiable, prejudicing their rights.
Defence lawyers have said that a regulatory policy of
publicly criticising unnamed individuals in speedy corporate
settlements means people who later face investigation can feel
they have been tainted by an unfair or unbalanced process.
($1 = 0.7802 pounds)
(Additional reporting by Jamie McGeever; editing by Alexander