Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, February 29, 2024
Courthouse News Service
Thursday, February 29, 2024 | Back issues
Courthouse News Service Courthouse News Service

The Curious Ethics of Business

LOS ANGELES (CN) - JPMorgan Chase Bank allowed the Israel Electric Corp. to withdraw $3 million on a letter of credit, though the bank and the electric company knew that "$3 million" was a typographical error, and the credit limit was actually $300,000, General Electric claims in Superior Court. GE sued only the bank.

This 3-page filing includes 37 pages of attachments - correspondence that includes references to the typo, which JPMorgan Chase allegedly acknowledged was a mistake before allowing the Israeli company to draw the money on Jan. 6.

General Electric is represented by Troutman Sanders.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.