J.P. Morgan" London Whale" Case Trading Charges May Be Filed By U.S. As Early As Wednesday

U.S. prosecutors may file charges as early as Wednesday related to JPMorgan Chase & Co.’s (NYSE:JPM) multi-billion trading loss in London last year, according to reports.

Bloomberg News, citing people familiar with the situation, said U.S. authorities have been investigating for over a year whether or not they might bring criminal charges against unnamed JPMorgan employees related to any attempt to cover up the loss.

On Tuesday, the Wall Street Journal reported that JPMorgan London trader Bruno Iksil, dubbed “The London Whale” for his role in huge trade that sparked the losses, had reached a deal to cooperate with U.S. authorities to avoid prosecution himself.

Iksil will also avoid civil charges after the Commodity Futures Trading Commission and Securities and Exchange Commission decided not to pursue the case, the paper reported.