J.P. Morgan Chase Bank N.A. was sued by a unit of the French maker of Ray-Ban glasses, which claims the bank ignored red flags as international cybercriminals drained $272 million from its New York bank account.
Essilor Manufacturing (Thailand) Co. said J.P. Morgan was aware, beginning in September 2019, of a “highly suspicious pattern of fraudulent transactions” but didn’t notify the company.
Red flags included a jump in monthly dollar volume from $15 million to more than $100 million and money being moved to shell companies at regional banks, often in high-risk jurisdictions, EMTC said in the complaint filed Monday ...