US won't prosecute ex-JPMorgan trader Iksil: Source
NEW YORK (AFP) - The ex-JPMorgan Chase trader nicknamed "the London Whale" for his huge derivatives losses has reached a deal to avoid US prosecution, a source familiar with the situation said on Tuesday.
Bruno Iksil, who along with others has been blamed for big bets that resulted in a US$6.2 billion (S$7.8 billion) loss for the bank in 2012, reached the deal after agreeing to testify in the case, according to the source.
But criminal indictments against two other ex-JPMorgan traders could come later this week in the case, with regulators focused on whether some in the bank sought to cover up the extent of the losses.
Iksil, a French citizen, cooperated with prosectors who determined after reviewing email correspondence and other evidence not to prosecute him, the source told AFP.