Former “London Whale” Boss Sued by JPMorgan Chase & Co.(NYSE:JPM)

The lawsuits slapped by companies on one another do not seem to end. The Apple-Samsung rival is making news all over the world not just for their cutting edge products but also due to their patent infringement lawsuits spanning across at least 10 countries. This time it is JPMorgan Chase & Co.(NYSE:JPM) that have taken the legal course of action.

The company has filed a lawsuit against boss of Bruno Iksil, the trader known as the London Whale. Monikers also referred to him as Voldemort due to his outsize position.The lawsuit is based on the grounds that the outsized derivatives positions, he took from the bank; cost them a whopping $6.2 billion. Javier Martin-Artajo, Iksil's immediate supervisor was announced as a defendant in the lawsuit that has been filed at London's High Court on October 22.

However, there has been no comment from a JPMorgan spokeswoman in New Yorkand details regarding the court filing will not be available for release till the defendant concedes to the claim.

The law firm Mishcon de Reya is representing Martin-Artajo. Greg Campbell, a partner at the firm has said that his client will be cleared of all charges after each and every detail and event has been analyzed and evaluated. Since JPMorgan has not been able to provide proofs that corroborate the allegations Martin-Artajo can begin the process of his defense. Campbelladds that his client is extremely unhappy of the bank unjustly accusing him for covering up the losses suffered by them and emphasizes that there was never any attempt to conceal losses as well.

Executives from JPMorgan had stated in July that steps would be taken to get back pay from supervisors and traders who are mixed up in the losses.

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Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co.(NYSE:JPM) Posted record quarterly Net Income

Results from the country's two largest mortgage lenders showed that some positive sentiments may be returning to the housing market, though it is still debatable whether the trend is long term.

Wells Fargo & Company (NYSE:WFC) and JPMorgan Chase & Co.(NYSE:JPM) on Friday put out figures that showed a surge in home loans and record profits.

Wells Fargo said it issued $139 billion in mortgages from July through September, compared with $89 billion in the same period last year.

JPMorgan wrote $47 billion in mortgages, compared with $37 billion last year.

JPMorgan reported a profit of $5.3 billion in the third quarter, up 36 percent from the same period a year ago.

It worked out to earnings of $1.40 per share, surpassing the $1.21 predicted by analysts.

Revenue rose 6 percent to $25.9 billion, beating expectations of $24.4 billion. Besides the higher mortgage revenue, earnings of the bank were also helped by lower provisioning for bad loans, lower expenses while it also got revenues from higher credit card use and investment banking fees.

Wells Fargo reported a profit of $4.7 billion in the third quarter, up 23 percent from the same period a year ago. That translated into earnings of 88 cents per share, a penny higher than estimates.

Overall revenue rose 8 percent to $21.2 billion, slightly lower than analysts expected.

Shares in JPMorgan fell about 1 percent, losing 48 cents to $41.62, while Wells Fargo's stock fell more than 2 percent, losing 93 cents to $34.25.

The CEOs of both institutions said that the mortgage market had turned the corner and there were improvements every quarter.

However a good portion of the mortgage lending was due to owners refinancing mortgages and not due to fresh homes being bought.

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The cyber- attack on the major banks: Bank of America Corp(NYSE:BAC), JPMorgan Chase(NYSE:JPM), Citigroup Inc.(NYSE:C)

Hackers from Iran have been disrupting the cyber network of three of the biggest banks of America. These attacks, which can be traced back to late 2011, have been occurring with much more regularity of late, and informers and sources confirm that Iranian Hackers are indeed the culprits. The three major banks, JPMorgan Chase & Co.(NYSE:JPM), Citigroup Inc.(NYSE:C) and Bank of America Corp(NYSE:BAC)  have been facing network problems and web traffic on account of the cyber campaigns which the hackers have launched, which more often than not, take the form of “denial of service”.

This traffic has been caused by the discordance produced by the campaign which tends to block up the networks as well as the websites belonging to the banks, and sources are almost certain that this has to do with the failure which Iran suffered in 2010 during the crash of its Nuclear program, on account of the Stuxnet Virus. This virus, it is alleged, has been created by the U.S.A and this crash has lead to Iran developing its cyber network drastically.

Senator Joseph Lieberman said that the attack is surely perpetuated by Iran. Lieberman is the Chairman of the Senate's Homeland Security and Governmental Affairs Committee and he made a statement, blaming this disruption in the cyber networks of the famous American Banks, on Iran.

People are not sure, however, as to what context the hackers fit into. They may be backed by their government, or they may be individual groups of nationalists, out to seek revenge for the nuclear program failure.

The issue, however, points Iran’s ability to successfully interfere with America’s cyber information systems. It is not sure whether they have stolen information or have bugged the systems, and there is a inquiry being conducted to find out exactly that.

The attack might also have been geared towards the banks on account of Iran not getting Western Economic sanctions.

Tehran, on the other hand, has publicly announced its intention to encourage people to hack into western cyber information and disrupt the cyber security of America. 

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