JPMorgan Chase & Co was ordered by a New York judge to face a lawsuit by the French maker of Ray-Ban sunglasses, which said cybercriminals withdrew $272 million from its New York account after the bank ignored 'red flags' of suspicious activity.
was ordered by a New York judge to face a lawsuit by the French maker of Ray-Ban sunglasses, which said cybercriminals withdrew $272 million from its New York account after the bank ignored "red flags" of suspicious activity.can try to prove that JPMorgan violated a New York law governing commercial contracts that requires refunds of unauthorized payment orders.
The company, based in the Paris suburb of Charenton-le-Pont, has said that it was unable to recover $100 million of the transfers, which were made in the fourth quarter of 2019. Its lawsuit seeks unspecified damages. The judge also dismissed a breach of contract claim but said Essilor can try to revive it, and dismissed a negligence claim because JPMorgan had no duty outside its account agreement to monitor and prevent overdrafts.
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