JPMorgan Seeks Review of ‘Seismic’ Ruling on GM Loan
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JPMorgan Chase & Co. asked an appeals court to reconsider a negative ruling on its $1.5 billion loan to General Motors Co.’s bankrupt predecessor, saying the decision caused a “seismic” shift in the law.
The bank’s lawyers accidentally gave up its rights to security for the loan and JPMorgan says it wants its collateral back because the lawyers weren’t authorized to act on the deal. The appeals court last month sided with GM’s creditors.