Twist in London Whale Case Exposes Threat of Sideways Witness
It could be a worst-case scenario for any trial attorney: a key witness has gone sideways and threatens to blow up the case. In conversations with practitioners, the threat is one that even the best attorneys face. But they point to ways to try and mitigate that possibility and to keep things from going belly-up.
June 07, 2017 at 06:03 PM
4 minute read
In late February, Hughes Hubbard & Reed partner Edward Little was responding to routine discovery issues in Securities and Exchange Commission v. Martin-Artajo, 1:13-cv-05677—better known as the London Whale case.
Little represents Julien Grout, one of the two former JPMorgan Chase traders to have allegedly fraudulently mismarked investments in a multibillion-dollar portfolio to conceal hundreds of millions in losses. Bruno Iksil, another trader on the team whose nickname became the eponymous referral for the sprawling international case, has been cooperating in the criminal and civil case, the latter of which was settled by JPMorgan Chase for $920 million.
According to a hearing transcript, about halfway through his response before Southern District Judge George Daniels, Little said he discovered some interesting information about Iksil: the French trader has been writing a memoir, and its contents could prove problematic for the SEC's case.
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