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FCA 'London Whale' identity appeal to go before UK Supreme Court in October

The U.K. Supreme Court is expected to hear in October anappeal by the Financial Conduct Authority to an earlier ruling that theregulator improperly identified former JPMorgan Chase & Co. executive Achilles Macris in areport about the "LondonWhale" trading scandal, the Financial Times reported Sept. 25.

The U.K. Upper Tribunal in April 2014 that the FCA should havedesignated Macris, the former chief investment officer of the synthetic creditportfolio team, as a third party to its findings against the lender and givenhim the opportunity to make representations. The FCA report did not name Macrisbut said JPMorgan had deliberately concealed facts from the regulator by virtue of theconduct of the "CIO London management."

The FCA received permission to appeal the ruling in November 2015.It could have to change how it presents reports if the top court upholds theearlier court decision, the FT noted.