U.S. to drop criminal charges in London Whale caseStaff Writer |
Banking $6.2 billion of losses in 2012
U.S. prosecutors have decided to drop criminal charges against two former JPMorgan Chase & Co derivatives traders implicated in the "London Whale" trading scandal that caused $6.2 billion of losses in 2012.
Prosecutors also said efforts to extradite Martin-Artajo and Grout, respectively citizens of Spain and France, to face the charges have been "unsuccessful or deemed futile."
Acting U.S. Attorney Joon Kim in Manhattan asked a federal judge for permission to drop charges that included securities fraud, wire fraud and falsifying records. Martin-Artajo and Grout were indicted in September 2013. ■
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