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ARTICLE · 01 MAY 2015

R (Julien Grout) v Financial Conduct Authority (2015)

Clyde & Co
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The fallout from the London Whale affair was, by any standards, substantial for JP Morgan – losses of USD 6.2billion and a USD 920million fine from the US Securities and Exchange Commission

GlobalFinance and Banking
Clyde & Co LLP
Clyde & Co LLP
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The fallout from the London Whale affair was, by any standards, substantial for JP Morgan – losses of USD 6.2billion and a USD 920million fine from the US Securities and Exchange Commission ('SEC'). For the individuals involved in the loss-making transactions, however, the eventual fallout is still unknown, as prosecutions trundle on in courts in both the US and Europe.

Against this backdrop, it might have been assumed that Julien Grout would have been relieved when the Financial Conduct Authority ('the FCA') decided to terminate its investigation into his conduct in connection with the London Whale affair. Grout, however, responded by applying for judicial review of the FCA's decision, seeking to reinstate the investigation.

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