Joseph Jiampietro, a former managing director at Goldman Sachs Group Inc., has filed a suit against the U.S. Federal Reserve, saying the regulator is taking a lot of time to issue a decision over his possible lifetime ban from the banking industry, Reuters reported.
An administrative law judge recommended the ban in June 2017 for Jiampietro's alleged misuse of leaked confidential information from the Federal Reserve Bank of New York at Goldman. The investment bank agreed to pay $36.3 million civil money penalty for its unauthorized use and disclosure of confidential supervisory information.
In a complaint filed in U.S. District Court in Manhattan, lawyers for Jiampietro said the Fed should either dismiss its enforcement case or issue a final decision in the matter so that Jiampietro can approach a federal appeals court to take up the case, Reuters reported.
