An error by attorneys that rendered a $1.5 billion secured loan to General Motors unsecured has led one loan participant to sue JPMorgan Chase Bank and its counsel, Simpson Thacher & Bartlett, for negligence (See Complaint).

The case stems from the unintended termination of the loan’s security interests, which occurred after GM’s counsel at Mayer Brown prepared documents to release the security interests for an unrelated borrowing.

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