JP MORGAN MUST DEFEND ITSELF IN COURT, OVER RAY BAN DISPUTE SAYS JUDGE
THE WHAT? A New York judge has given the go-ahead for a lawsuit bought by EssilorLuxottica against JP Morgan. The Thai division of the maker of Ray Ban sunglasses claims that the bank ignored ‘red flags’ of suspicious activity, according to a report published by Nasdaq, quoting Reuters.
THE DETAILS Essilor contends that it was unable to recover US$100 million of transfers that were made fraudulently. The judge dismissed JP Morgan’s claim that the bank had followed the required security procedures.
THE WHY? The fashion firm is seeking unspecified damages on the basis that New York commercial law decrees that unauthorized payment orders should be refunded.
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