JPMorgan loses another bid to reclaim $1.5bn security

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JPMorgan has lost another bid to reclaim security it gave up by mistake on a $1.5bn loan to General Motors’ bankrupt predecessor.

Bloomberg News reports that a federal appeals court Monday declined to reconsider a ruling that the bank had forfeited its collateral.

In the long-running case, JPMorgan argued its lawyers gave up rights to most of GM’s assets when they accidentally terminated the security on the $1.5bn financing while dealing with a payoff on a separate $300m loan.

The GM case, born after the car maker’s 2009 bankruptcy and government bailout, is one of the quirkier ones tied to the financial crisis that the bank has contended with. 

To access the complete Bloomberg News article hit the link below:

JPMorgan Loses Bid to Renew Security of $1.5 Billion GM Loan

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