A senior banker who was in charge of the so-called London Whale has claimed victory over the City regulator after a charge against him was watered down and his fine reduced to less than £800,000.
Achilles Macris was in charge of JP Morgan's international chief investment office in London and supervised Bruno Iksil, the trader whose bad debt on credit derivatives cost the bank $6.2 billion in 2012.
The FCA's final notices against companies are not meant to identify individuals, to avoid legal prejudice in possible future cases against them. Mr Macris has won in the Appeal Court, which upheld his assertion that he was identified.
The FCA is appealing to the Supreme Court and a hearing is scheduled in October. The outcome is crucial for the regulator, as several other individuals who have been investigated as part of inquiries into Libor and foreign exchange-rigging are challenging the FCA over whether their identity has become public.
Adam Epstein, a partner of Mishcon de Reya, the law firm, said that the Supreme Court ruling would provide useful clarification on how the regulator should deal with potential problems of identification in its final notices.
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