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JPMorgan sued by London trader fired over spoofing claim
By Jonathan Browning
via The Edge Markets, Petaling Jaya, Malaysia
Wednesday, April 14, 2021
A former JPMorgan Chase & Co trader who was fired over a spoofing allegation said he was dismissed only because the bank wanted to "appease" U.S. regulators following a scandal that cost the bank close to $1 billion in penalties.
Bradley Jones, a former cash equities trader, is suing the bank for unfair dismissal in London, saying that compliance officials ruled there was nothing suspicious about his trading only to revisit it three years later.
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The review came after JPMorgan decided it needed to be tougher on such cases after accepting that market manipulation was rife at two trading desks in the U.S., he said.
"As part of that attempt at appeasement, the bank decided to trawl through historic trading activity and to make an example of Mr. Jones," his lawyer said on the first day of a trial Tuesday.
The case echoes that of a Citigroup Inc former trader who was dismissed over similar allegations even after the U.K. financial regulator cleared him of misconduct and highlights the difficulties facing banks attempting to second-guess regulators in market abuse cases. ...
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