Michael Potts quoted in Bloomberg article on FCA ‘identification’ casesJun 11, 2015
Michael Potts is quoted in a new Bloomberg article on the current wave of law suits brought by senior bankers who claim that that the Financial Conduct Authority (FCA) improperly identified them in bank penalty notices.
The article notes that most recently Joerg Vogt, a former trading executive at Deutsche Bank AG, has sued the U.K. financial regulator for indirectly identifying him in its Libor settlement with the bank. The agency lost a landmark appeal on the issue last month when a judge found it failed to properly anonymize Achilles Macris, the former JPMorgan Chase & Co. manager of the London Whale trader, in a settlement report.
Michael suggests that one motivation for traders to challenge the FCA on identification is to obtain documents about the regulator’s case that could help them if they’re also under investigation: “There are a number of tactical reasons why a challenge over identification may be made, but disclosure is a key one. Some people may also ‘simply want to put the FCA under pressure.”
The full article is available here: http://www.bloomberg.com/news/articles/2015-06-11/ex-deutsche-bank-trader-said-to-sue-u-k-fca-in-identity-spat