J.P. Morgan Chase Bank N.A. A unit of Ray-Ban, a French manufacturer of Ray-Ban glasses sued J.P. Morgan Chase Bank N.A.
- Essilor claims that the bank ignored suspicious transaction red flags
- Cybercriminals are alleged to have taken $272 million from accounts
Essilor Manufacturing (Thailand) Co. stated that J.P. Morgan knew of a “highly suspect pattern of fraudulent transactions”, but did not notify the company.
In a complaint filed Monday at Manhattan federal court, EMTC stated that red flags included a rise in monthly dollar volume of $15 million to more than $100 million, and money being transferred to shell companies at regional bank branches, often in high-risk jurisdictions.
“The fraudulent transfers were made in round dollars amounts (i.e. no cents), which is a drastic departure from previous periods when round dollar transfers were fairly common,” EMTC stated.
EMTC owns a Thailand manufacturing plant for EssilorLuxottica South. J.P. Morgan Chase Bank, a unit of JPMorgan Chase & Co. JPMorgan Chase did not respond to a request.
EMTC claimed it had recovered all but $100 Million of the stolen funds through a “costly and burdensome process.” They are seeking compensatory damages that will be determined in court.
Essilor International SAS is suing J.P. Morgan Chase Bank N.A., 22cv-03361, U.S District Court, Southern District of New York.
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