Simpson Thacher, JPMorgan Sued Over $1.5 Billion GM Loan

Law360, New York (July 31, 2015, 11:45 AM EDT) -- JPMorgan Chase Bank NA and Simpson Thacher & Bartlett LLP were slapped with a pair of suits Thursday by putative classes of more than 400 lenders in New York federal court, claiming they negligently authorized the termination of security interest in a $1.5 billion bankruptcy loan to General Motors LLC.

(Credit: AP) JPMorgan served as the administrative agent on the 2006 loan to GM and had an obligation to the syndicate of lenders to maintain and monitor the loan collateral. But in 2008, the bank and its counsel, Simpson Thacher, overlooked erroneous Mayer Brown LLP documents and filed an incorrect termination...

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