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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.

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