Supreme Court victory for FCA in banker identification case

first_imgCity regulator the Financial Conduct Authority (FCA) did not wrongfully identify a JPMorgan Chase executive when it fined the bank in 2013, the Supreme Court has ruled.Giving judgment today in Financial Conduct Authority v Macris, the Supreme Court overturned the Court of Appeal’s finding that Achilles Macris’s identity had been wrongly exposed.Macris was responsible for the bank’s ‘Synthetic Credit Portfolio’, which ran up $6.2bn (£5bn) in losses in 2012. Its activities became known as the ‘London Whale’ trades, because of the magnitude of the losses.The FCA concluded that the loss was caused by, amongst other things, a high-risk trading strategy and weak management of that trading. It agreed a regulatory settlement of £137.6m with the bank.Under the Financial Services and Markets Act 2000, the imposition of penalties requires three successive notices to be given to a person or firm under investigation. Where notices contain material discreditable to identifiable individuals not party to the settlement, the act makes provision to protect these persons from unfair prejudice.Macris was not supplied with a copy of the notice or given an opportunity to make representations.Although FCA notices did not explicitly name Macris, they made references to ‘Chief Investment Office London management’. At the time, Macris was international investment chief of JP and head of the bank’s Chief Investment Office.Macris brought a claim before the Upper Tribunal, which upheld his complaint on the basis that the references would be taken by a reader with relevant experience to refer to the most senior individual involved – Macris himself.The Court of Appeal agreed. It said people who operated in Macris’s field would reasonably have been able to identify him.The FCA then appealed to the Supreme Court.In today’s ruling the court ruled in favour of the FCA with a four-to-one judgment. Lord Wilson dissented. Delivering the lead judgment Lord Sumption said the wording of the notice could have applied to more than one person at the bank.Alison Geary, counsel at international firm WilmerHale, said the judgment required a ‘balancing act’ between the need for the FCA to move forward with investigations and the rights of individuals who are the subject of investigations.‘Here the scales have been tipped firmly in favour of the FCA. Finding a definition of who is identified that provides certainty to the FCA was done at great cost to individuals, who are left without means to challenge extremely serious allegations against them,’ she said.last_img read more

Waghi Tumbe keep faith in coach Ray

first_imgRugby League BY MAL TAIME The Jiwaka Development Corporation Waghi Tumbe has announced its training squad with the management for the 2019 Digicel Cup campaign. The final team was announced after a trial match against the Mt Hagen Wamp Nga Eagles over the weekend. Tumbe team one defeated Eagles 32-8 while Eagles team two beat Tumbe team two 20-16. Waghi Tumbe also signed five PNG SP Hunters players who will be included in the line when they are not in the team or when the Hunters are on bye. PNG Kumul Francis Ray has been given another term to coach the team who made it to the top three last season. Ray commended the team patron, Jiwaka Governor Dr William Tongamp and JDC chairman Paul Tumun for having the trust in him and appointing him as head coach. He said the final team was selected under the chairman of selectors Ezekiel Ben with the blessing of Tumun. Ray said most of the players were new to the team and it would be a tough challenge for him to mould them and come up with formidable side. He would not give any excuses and has a task ahead and a mission to accomplish when the Digicel Cup season kicks on April 7. He said they were looking forward to making the top six despite a bunch of new players. “(With new faces in the team it is really challenging for me but hopefully we will make it and deliver to the people of Jiwaka province,” Ray said confidently. The training squad will assemble at Minj rugby league oval today and go straight into the camp. The side: Charlie Kapiek, John Ongol, Junior Menau, Salika Matthew,Saki Peter, Francis Sam, Koso Badi, Job Karr, Frank Kagai, Daniel Pai, Harvey Tul, Korken Abba, Micah Tom, Layton Lipu, Teejay Talu, Jim Frank, Ray Patrick, Nelson Kumba, Fidelis Sakipo, Daniel Toli, Leo Malyie, Bes Dani, Adam Wek, Wari Molu, Brian Kirpe and Lewai Andrew. The SP PNG Hunters players who are also on the side are Enock Maki, Joe Frank, Moses Meninga, Baundo Abba and Justin Yoka. The team management: Francis Ray (head coach), Steven Sike, Ma Wus (assistant coaches), Dusty Mokly (head trainer), Samson Philip/James Gend (assistant trainers) and Joe McÓnnor (team manager). The team doctor and the physio’s names are yet to be provided. Waghi Tumbe open their 2019 Digicel Cup campaign against the PRK Mendi Muruks in Mendi, Southern Highlands Province.last_img read more

Fourth US soldier killed in Niger ambush identified

first_imgU.S. Army(WASHINGTON) — The Pentagon has identified the fourth U.S. soldier killed in the West African nation of Niger earlier this week in an ambush believed to have been carried out by an Islamic extremist group.Sgt. La David T. Johnson, 25, from Miami Gardens, Florida, was assigned to the 3rd Special Forces Group based at Fort Bragg, North Carolina. Johnson had been initially listed as missing following Wednesday’s ambush that took place in a remote area along Niger’s border with Mali.He was one of about a dozen U.S. Army soldiers conducting a joint patrol with about 40 soldiers from Niger when they came under attack by about 50 enemy fighters.In addition to the three other U.S. soldiers killed along with Johnson, a soldier from Niger also died from the attack. Two other American soldiers were wounded in the ambush and were as of Friday receiving medical treatment at a U.S. Army hospital in Germany.Johnson’s remains were recovered on Friday by soldiers from Niger near the site of the ambush after an intense search for the missing soldier by forces from the U.S., Niger and France.Prior to the discovery of Johnson’s remains, U.S. Africa Command spokesman Col. Mark Cheadle said “more than a hundred” U.S. military personnel, including special operations forces, had been sent to Niger to assist with a possible rescue operation in the event the missing soldier was being held captive.Cheadle said the U.S. “had an idea” of which Islamic extremist group may have been responsible for the attack.“We are resolved and stalwart in our efforts to go after those who attacked,” the spokesman said.Various extremist groups operate along the Niger-Mali border area, including Ansar Dine, an al Qaeda-affiliated extremist group, and ISIS-West Africa.Johnson enlisted in the Army in January 2014 as a wheeled-vehicle mechanic and was assigned to the 3rd Special Forces Group, a Green Beret unit.His awards and decorations include the Army Achievement Medal, the Army Good Conduct Medal, the Global War on Terrorism Medal, the Army Service Ribbon, the Army Parachutist Badge, the Army Air Assault Badge, the Driver and Mechanic Badge, and the Marksmanship Qualification Badge – Sharpshooter with Rifle.“The Bush Hog formation [Johnson’s battalion] was made better because of Johnson’s faithful service and we are focused on caring for the Johnson family during this difficult period,” said Lt. Col. David Painter, commander of 2nd Battalion, 3rd Special Forces Group (Airborne).The three other U.S. Army soldiers killed in the attack were identified by the Pentagon on Friday. They all served with Special Operations Forces and were based at Fort Bragg, North Carolina. Two, including Johnson, were support personnel, and two were Green Berets.Staff Sgt. Bryan Black, 35, Staff Sgt. Jeremiah Johnson, 39, and Staff Sgt. Dustin Wright, 29, died from wounds sustained during the ambush that occurred near Niger’s border with Mali about 125 miles north of Niamey, Niger’s capital.Staff Sgt. Bryan Black of Puyallup, Washington, who enlisted in the Army in October 2009, was a Green Beret serving as a Special Forces medical sergeant. His awards and decorations includes the Army Good Conduct Medal, National Defense Service Medal, Global War on Terrorism Service Medal, Army Service Ribbon, Special Forces Tab, Ranger Tab, Parachutist Badge, Air Assault Badge, and Marksmanship Qualification Badge – Sharpshooter with Rifle.Staff Sgt. Dustin Wright of Lyons, Georgia, enlisted in the Army in July 2012 and was a Green Beret serving as a Special Forces engineer sergeant. His awards and decorations included the Joint Service Achievement Medal, Army Good Conduct Medal, National Defense Service Medal, Army Service Ribbon, Special Forces Tab, and Parachutist Badge.Staff Sgt. Jeremiah Johnson of Springboro, Ohio, enlisted in the Army in October 2007 and served as a chemical, biological, radiological and nuclear specialist attached to the Green Beret unit.His awards includes the Army Commendation Medal (2nd Award), Army Achievement Medal (5th Award), Army Good Conduct Medal (3rd Award), National Defense Service Medal, Global War on Terrorism Service Medal, Armed Forces Service Ribbon, Noncommissioned Officer Professional Development Ribbon, Army Service Ribbon, Parachutist Badge, Air Assault Badge, Driver and Mechanic Badge, and Marksmanship Qualification Badge – Expert with Pistol and Rifle.There are about 800 U.S. military personnel in Niger helping that country’s counterterrorism efforts against extremist groups. Some of the U.S. forces are part of a drone surveillance mission over Mali that operates out of Niger’s capital of Niamey.Others are involved in a training-and-advising mission with Niger’s military to improve its counterterrorism capabilities and the construction of a second drone base in northern Niger.Copyright © 2017, ABC Radio. All rights reserved.Powered by WPeMatico Relatedlast_img read more