[ by Melanie Gretchen ] Another JPMorgan Chase & Co risk manager is seeking legal counsel in connection with probes into the so-called "London Whale" trading debacle, according to sources familiar with the investigations.  Federal authorities are investigating an allegation that some of the bank's traders in London may have tried to hide hefty losses; JPMorgan is also conducting an internal probe. From late 2008 until the beginning of 2012, Peter Weiland was head of risk at the bank's Chief Investment Office, which lost at least $5.8 billion on a series of complex derivatives trades.  Since then, he has been reassigned by the bank to a new risk control team at the overhauled unit. How Important is Weiland? Although Mr. Weiland is 1 of at least 6 people associated with the case to have hired attorneys, he is the only one of the 6 to not have been fired by the bank or have departed voluntarily.  As the feds' level of interest in Mr. Weiland is unclear, there is no indication that they believe he has done anything wrong. So is Mr. Weiland's hiring of an attorney a precautionary measure?  After all, the investigation by the Feds and the FBI is mainly focusing on the activities of the 3 former traders most directly responsible for incurring the losses, according to people familiar with the investigation – not Mr. Weiland. For further details, go to [Reuters, 8/21/12].