WILMINGTON, Del - Lenders and hundreds of investors agreed on Monday to pay $231 million to end their decade-long legal fight over a clerical error in a $1.5 billion loan to General Motors that was administered by JPMorgan Chase & Co , according to court documents.
The settlement payment will benefit the unsecured creditors of General Motors’ 2009 bankruptcy, as well as the U.S. and Canadian governments, which helped finance GM’s Chapter 11 case. The $1.5 billion loan was syndicated to hundreds of investors who were defendants in the lawsuit. The individual settlement contributions by JPMorgan, a law firm that handled the paperwork and the investors in the loan were not disclosed in court documents.The dispute stemmed from the unintentional release of a lien on GM equipment due to a paperwork error.
Releasing the lien rendered part of the loan unsecured, allowing a trustee working for unsecured creditors of GM to try to claw the money back.
Editorializing with that askew photo.
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