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JPMorgan says London Whale didn't cause Lehman bankruptcy

From reuters.com

The former JPMorgan Chase & Co (JPM.N) trader known as the "London Whale" was not responsible for Lehman Brothers Holdings Inc's bankruptcy and should not be dragged into an $8.6 billion lawsuit accusing the largest U.S. bank of causing it, JPMorgan said. In a Wednesday filing in Manhattan bankruptcy court, JPMorgan said Lehman knew from documents it produced itself that the trader, Bruno Iksil, had nothing to do with allegedly mismarked derivative trades about which Lehman wanted to take his deposition. JPMorgan also said Lehman and its unsecured creditors committee, which also seeks Iksil's testimony, had pointed to ... (full story)

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