JP Morgan to pay $150m in London Whale case

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JP Morgan is paying $150m to shareholders affected by the London Whale trading scandal following a class action suit.

JP Morgan agreed to settle the case, after the lawsuit was filed in 2012, reports Reuters. The London Whale scandal caused a $6.2bn loss.

The event was caused by traders on a synthetic credit portfolio, including Bruno Iksil, who was termed the London Whale. But shareholders claimed the bank hid the extent of the problems.

Anyone buying stock between 13 April and 21 May 2012 is covered by the settlement, with that period seeing the share price dropping by a quarter.

Earlier this year, the FCA dropped its case against Iksil, following a three-year investigation.