District Judge Lewis Liman dismissed breach-of-contract and negligence claims against JPMorgan, but said that EMTC can go forward with a jury trial over a New York contract law provision that requires banks to refund unauthorized payment orders from a customer.

The company said JPMorgan should have caught 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. Phetporee allegedly stole credentials from another EMTC staff member because, as in the Joyce case, the bank required a second employee to approve transactions for them to go through.ĮMTC sued JPMorgan in federal court in New York in April, claiming the bank had been aware of a pattern of fraudulent transactions that led to a monthslong heist and failed to notify the company. The case involves a then-current EMTC employee, Chamanun Phetporee, who fraudsters allegedly recruited for the heist. Southern District Court of New York allowed Thailand-based manufacturer Essilor (EMTC), which makes Ray-Ban glasses, to move forward with its case against JPMorgan Chase in a complex fraud case that led to $272 million in losses from EMTC's accounts, including $100 million that remains unrecovered. In the other case of a business customer suing its bank over money lost to fraud, a judge in the U.S. 'While PNC regrets any losses incurred by any customer, it disagrees with the allegations in this case and believes it acted appropriately with respect to these transactions.'īeyond losing 'substantially all' its money, Joyce's also said that PNC has classified $200,000 of the fraudulent transactions as overdraft, that PNC has referred the company's accounts to a collections agency, that the bank kept for itself most of the money it recovered from a fraudulent transaction to JPMorgan, and that the bank has billed Joyce's for 'corporate analysis charges' as a result of the episode. 'Unfortunately, in this case, the customer voluntarily provided a bad actor with credentials that allowed access to its accounts,' the spokeswoman said.

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