Friday, March 23, 2012

Trader sues JPMorgan after decimal error in contract

Welcome to the morning roundup. Here's a look at what's news in banking and finance this morning.

Decimal point lawsuit. A trader who entered into a contract with JPMorgan Chase is now suing the bank claiming that a decimal point error led him to believe he would be paid 10 times what the bank actually paid him, Bloomberg reports. The contract said the Switzerland-based currency trader would be paid 24 million rand, the equivalent of about $3.1 million. The bank says that was a mistake, and it should have been 2.4 million rand.

Cautious loan growth. U.S. banks are finally starting to increase their lending, but businesses are not very willing to spend the cash, the Associated Press reports. Most of the growth is in lines of credit, not traditional loans, and businesses are hanging on to the money.

Volcker delay. A group of lawmakers is supporting a bill that would delay implementation of the Volcker Rule, which bans proprietary trading, Bloomberg reports. That would give Congress more time to weigh whether it should be simplified or weakened.