Judge OKs Lenders' $231M Deal In GM Clawback Suit

Law360 (June 13, 2019, 9:05 PM EDT) -- A group of lenders led by JPMorgan will pay $231 million to creditors of General Motors' predecessor to resolve claims stemming from a simple mistake made by a Mayer Brown paralegal years ago, in a deal approved Thursday by a New York bankruptcy court.

In a perfunctory six-page order, U.S. Bankruptcy Judge Martin Glenn gave the deal his blessing, putting to rest a yearslong dispute that hinged on one of the most infamous legal paperwork blunders in recent memory.

Under the terms of the deal, a group of lenders led by JPMorgan will pay $231 million to the so-called Avoidance Action Trust, whose...

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