U.S. prosecutors plan to drop criminal charges against two derivative traders ensnared in the $6.2-billion “London Whale” trading scandal.
The acting U.S. attorney in Manhattan requested a judge dismiss charges against Javier Martin-Artajo, a citizen of Spain, and Julien Grout, from France.
The two men were indicted in 2013 on charges including fraud and falsifying records.
They are accused of hiding hundreds of millions of dollars of losses created by Bruno Iksil. The former JPMorgan Chase trader was known as the “London Whale.”
Iksil has objected to descriptions of his role in the scandal, which resulted in losses of $6.2 billion in 2012.
The U.S. attorney’s office said it “no longer believes that it can rely on the testimony of Iksil.”
Prosecutors were also unable to extradite the two men, who still face civil charges stemming from the scandal.