"This One's Just A Tiddler, Throw Him Back To Sea"

FCA's decision to terminate investigation into Julien Grout's role in the London Whale affair upheld

Julien Grout was one of four individuals investigated by the FCA in connection with the London Whale affair, in respect of which JP Morgan was fined £137,610,000. The investigation into Mr Grout had not proceeded far, before the FCA decided to terminate it in December 2013.

By that stage, Mr Grout was already the subject of both civil and criminal proceedings in the US, and clearly felt that he was not so much being thrown back into the open ocean as thrown to the lions. Wanting to clear his name, he took the unusual step of applying for judicial review of the FCA's decision not to investigate him further. Mr Justice Males (the Judge) rejected that application in a judgment handed down on 9 March 2015.