Neither CQS nor Blue Mountain Capital were immediately available to comment.
The managers at two different funds (not those named above), who spoke on the condition that neither they nor their funds be named for this story, do not believe they engaged in any wrong-doing and do not expect to be accused of any violations of securities laws. But they fear a probe into the losses at JPMorgan could wind up with requests for statements and documents from their traders.
“We’ve got clean hands in this. But no one wants to be hauled before the FBI,” one of the managers said.
The other hedge-fund manager said that he expected answering questions from authorities would be time-consuming and require costly legal representation.
“It’s a headache no one wants—especially when you haven’t done anything wrong. Do you want the Feds reading your emails?” he said.
The Justice Department declined to comment.
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