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Bank investigation stopped by intervention

21st June 2012

The Serious Fraud Office (SFO) has been forced to bring a halt to its investigation into the allegedly criminal actions of four banks after an intervention by a number of legal firms.

The banks in question, JP Morgan Chase Bank National Association, Depfa Bank Plc, UBS Ltd and Deutsche Bank AG, hired solicitors with some of the top London lawyer jobs to launch a challenge against the process, arguing that the SFO did not have legal jurisdiction to seize a number of documents relating to allegations of fraud at the organisations.

JP Morgan and the other groups involved have been accused of dishonestly acquiring a combined total of over €100m in secret commissions whilst attempting to restructure the debts of the Italian city of Milan.

Discussing the judgement, Lord Justice Gross made it clear that his decision to suspend the investigation had only been made because of a technicality and with a great deal of reluctance.