JPMorgan Appeals GM Loan Ruling
Bloomberg reported JPMorgan Chase asked an appeals court to reconsider a negative ruling on its $1.5 billion loan to General Motors’s bankrupt predecessor, saying the decision caused a “seismic” shift in the law.
According to Bloomberg , 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.
To read the entire Bloomberg article, click here.
Previously on abfjournal: JPMorgan Loses $1.5B in Court Fight with GM Creditors, January 22, 2015