JPMorgan Chase & Co. (NYSE:JPM) former staff member accused in “London Whale” trading scandal case, extradition hearing is postponed that is schedule on Friday by a Spanish court, due to U.S. extradition appeal due to scheduling conflict.
Spaniard Javier Martin-Artajo, who is held responsible by a U.S. grand jury for a $6.2 billion trading loss in September at the US bank, had been due to make an official announcement on whether he would consent to be extradited. The court hearing at Spain’s High Court was not attended by his lawyer as he has ask the court to delay the hearing, which is now delayed to 15 November, according to source associated to court.
Mr. Martin-Artajo has acquired two law firms in order to handle his case in which the one Norton Rose Fulbright, whose London-based lawyer Lista Cannon is working for him while the other include Cortes Abogados, which is a Madrid law firm. While asked about the case from both of them none has responded to the request.
JPMorgan, since last year when accused in London Wales case has paid $920 million in penalties so far. As well as this case also affected its reputation and even faces criminal probes, while investigated by British and U.S. regulators.
Mr. Martin-Artajo at the end of August handed himself to Madrid police following the issuance of warrant against him by U.S. authorities. He was arrested by police along with Frenchman Julien Grout, who is one of his junior colleagues. Mr. Julien Grout was also accused of helping him in hiding money of trading losses.
The hearing that is planned for coming Friday will be an initial official step in the extradition verdict, and the process which could take many additional months to complete.
In August Martin-Artajo had revealed to Spanish High court he was not willing to be extradited. But a successive efforts to have the extradition procedures blocked by Spain Supreme Court unsuccessful. Shares of JPMorgan Chase & Co. (NYSE:JPM) were up 0.10% to $51.70 in premarket. In last session JPM closed at $51.65.