A Lawyer’s Error Could Cost $1.5 Billion: Business of Law
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A lawyer’s error -- not caught by bankers or more senior attorneys at two firms -- could result in a huge loss for JPMorgan Chase Bank NA.
A federal appeals court in Manhattan on Wednesday ruled that creditors of the predecessor to General Motors Co. may be entitled to $1.5 billion stemming from a mistake in the recording of security interests in JPMorgan’s financing.