"Why No Notice of Abnormal Withdrawal?" Ray-Ban Parent Company Sues JP Morgan

[Asia Economy Reporter Kim Hyunjung] JP Morgan, the largest bank in the United States, has been sued by EssilorLuxottica (Thailand), the parent company of Ray-Ban, a French eyewear manufacturer, after $272 million (approximately 339.6 billion KRW) was stolen from its account.

Bloomberg reported on the 25th (local time) that EssilorLuxottica (Thailand) sued JP Morgan, claiming that despite being aware of suspicious transaction patterns such as account withdrawals by international cybercriminals starting from September 2019, the bank failed to notify them.

In a complaint filed with the Manhattan Federal Court on the same day, EssilorLuxottica Thailand Corporation (EMTC) stated that monthly withdrawals from the account surged from $15 million to over $100 million, and funds were often transferred to banks in high-risk regions, indicating abnormal withdrawals. EMTC argued that JP Morgan should have alerted them in advance about the attempted suspicious transactions but neglected to do so, exposing them to cybercrime.

EMTC said, "Except for $100 million of the stolen funds, which were recovered after enormous costs and a lengthy process," it is demanding compensation from JP Morgan.

This content was produced with the assistance of AI translation services.