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Monday, Oct 14
FX manipulation probe looks at JPMorgan trader
- Better tack another billion or two on to JPMorgan's (JPM) legal tab as the U.K. - in its investigation of potential manipulation of currency markets - is looking at the activities of former RBS trader Richard Usher, who is now in the employ of the House of Dimon.
- Currently the JPMorgan head of spot trading for G-10 currencies, Usher - when he was still at RBS - took place in chat sessions with top traders at other firms. The group was known by various monikers, including names a prosecutor would love to get in front of jury like "The Bandits' Club" and "The Cartel." He was hired by JPMorgan in 2010.
- More on the FX probe.