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US court says JPMorgan must live with US$1.5b paperwork error

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The court ruled that, although it was not JPMorgan's intention, it clearly authorised its law firm to file papers in 2008 that unsecured much of a loan to General Motors.

New York

JPMORGAN Chase & Co got a painful reminder on Wednesday that we all have to live with our mistakes, even a clerical mix-up that could cost US$1.5 billion.

A federal appeals court in Manhattan ruled on Wednesday that, although it was not JPMorgan's intention, it clearly