Javier Martin-Artajo and Julien Grout have had charges dropped after testimony of trader Bruno Iksil ruled unreliable

US prosecutors have decided to drop criminal charges against two former JP Morgan Chase & Co derivatives traders implicated in the “London Whale” trading scandal that caused $6.2bn (£4.7bn) of losses in 2012.

In seeking the dismissal of charges against Javier Martin-Artajo and Julien Grout, the Department of Justice said it “no longer believes that it can rely on the testimony” of Bruno Iksil, the trader dubbed the London Whale, based on recent statements and writings he made that hurt the case.

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