edited by: Mohammad Haris
Last Update: January 05, 2023, 14:23 IST
JPMorgan Chase Bank NA will face a lawsuit by a unit of the French company that makes Ray-Ban glasses.
Essilor Manufacturing (Thailand) company says it has recovered all but $100 million of the stolen funds ‘through an expensive and cumbersome process’.
JPMorgan Chase Bank NA will face a lawsuit by a unit of the French company that makes Ray-Ban glasses. The latter claims the bank ignored suspicious transactions as cybercriminals withdrew $272 million from his New York bank account, according to a Bloomberg Report good.
It said Essilor Manufacturing (Thailand) Co., which operates a plant for EssilorLuxottica SA in Thailand, sued the bank in April in federal court in New York. It claimed that the lender failed to notify the company, and was aware of a pattern of fraudulent transactions that led to the theft. This is despite red flags, including a jump in monthly dollar volumes and the movement of money to shell companies in regional banks, often in high-risk jurisdictions.
US District Judge Lewis Lyman on Wednesday dismissed claims for breach of contract and negligence against JP Morgan, but said EMTC can proceed with a claim under a New York contract law provision that requires banks to pay a customer Unauthorized pay orders are required to be returned, while one is rejected. Similar claim by Essilor International. He said the companies could file an amended complaint with re-breach of contract claims. Bloomberg Report good.
Essilor Manufacturing (Thailand) Company said it had recovered all but $100 million of the stolen money “through a costly and cumbersome process” and the rest.
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