JPMorgan Loses Bid to Renew Security of $1.5 Billion GM Loan
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JPMorgan Chase & Co. lost another bid to reclaim security it gave up by mistake on a $1.5 billion loan to General Motors Co.’s bankrupt predecessor.
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 $1.5 billion financing while dealing with a payoff on a separate $300 million loan.