JPMorgan Must Face Suit by Ray-Ban Maker Unit Over Cyber Theft
- Judge dismisses breach of contract, negligence claims
- Essilor can proceed with contract law provision claim
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JPMorgan Chase Bank NA will have to face a lawsuit by a unit of the French maker of Ray-Ban glasses that claims the bank ignored suspicious transactions as cybercriminals drained $272 million from its New York bank account.
Essilor Manufacturing (Thailand) Co., which operates a plant in Thailand for EssilorLuxottica SA, sued the bank in April in federal court in New York, claiming JPMorgan was aware of a pattern of fraudulent transactions that led to the theft and failed to notify the company, despite red flags including a jump in monthly dollar volume and the movement of money to shell companies at regional banks, often in high-risk jurisdictions.