J.P. Morgan Chase & Co is suing the former boss of Bruno Iksil, the trader known as the London Whale, for the outsized derivatives positions he took that cost the bank $6.2 billion. Javier Martin-Artajo, who was Iksil's immediate supervisor, was named as a defendant in a lawsuit filed at London's High Court on October 22. Details of the court filing will not be released until the defendant acknowledges the claim, the court said.
Greg Campbell, the partner at law firm Mishcon de Reya acting for Martin-Artajo, said his client was confident that when a complete and fair reconstruction of events was completed, he would be cleared of any wrongdoing. He added that J.P. Morgan has so far failed to provide details of the evidence to support its allegations, which would enable Martin-Artajo to begin the process of his defence.
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