Someone would have got it in the neck over this!
JPMorgan got a painful reminder on Wednesday that we all have to live with our mistakes, even a clerical mix-up that could cost $1.5bn.
Reuters reports that a federal appeals court in Manhattan ruled on Wednesday that, although it was not JPMorgan's intention, it clearly authorized its law firm to file papers in 2008 that unsecured much of a loan to General Motors.
The difference was critical because the automaker soon after filed for bankruptcy. During GM's Chapter 11, secured lenders were repaid in full while unsecured creditors lost out.
JPMorgan said it was reviewing the decision and its options.
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