Simpson Thacher May Be Haunted By $1.5B Loan Gaffe

By Gavin Broady (January 29, 2015, 7:35 PM EST) -- While Mayer Brown LLP originated the paperwork error that doomed JPMorgan Chase & Co.'s secured interest in a $1.5 billion loan tied up in the General Motors Corp. bankruptcy, experts say the Simpson Thacher & Bartlett LLP team that missed the gaffe is a far more likely target for any resulting legal malpractice litigation.

In the latest dramatic reversal in the Byzantine fallout of GM's bankruptcy, the Second Circuit recently determined that JPMorgan will have to live with the consequences of a Mayer Brown paralegal's error that slipped through multiple layers of review and put millions — if not billions —...

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