JPMorgan Chase could be in for a major loss as a result of an error by an associate at Mayer Brown which was not picked up by its internal team or its law firm Simpson Thacher & Bartlett. The bank is looking at losses of $1.5 billion following a mistake which was made in the recording of security interests in JP Morgan's financing when the associate relied on wrong information from a paralegal. The Manhattan court said that General Motors Company (GM) could be awarded the $1.5 billion on the back of the error. An earlier court had found that as it was a genuine mistake, the original transaction would not be impacted. However, this was overturned in the latest decision. Source: Bloomberg