Dimon characterized the loss as “the stupidest and most embarrassing situation I have ever been a part of.” First disclosed in May 2012, the bad bets led to an earnings restatement, a U.S. Senate subcommittee hearing and probes by authorities including the Securities and Exchange Commission and U.K. Financial Conduct Authority.
Iksil, dubbed the “London Whale” because his portfolio was so large, signed a non-prosecution agreement with the U.S. in June, the government said. He pledged to cooperate with investigators as part of the deal. Martin-Artajo’s lawyer submitted documents with details of Iksil’s agreement with the U.S., the court official said yesterday.
The cases are U.S. v. Grout, 13-MAG-01976, and U.S. v. Martin-Artajo, 13-MAG-01975, U.S. District Court, Southern District of New York (Manhattan). The SEC case is Securities and Exchange Commission v. Martin-Artajo, 13-cv-05677, U.S. District Court, Southern District of New York (Manhattan).