Imagine a big bank loan gone wrong! Wells Fargo, a big bank, is suing JPMorgan Chase, another big bank, because of a bad loan. The loan was for a lot of apartments, and JPMorgan didn't check the numbers carefully.
The apartments' value was falsely reported as higher than it really was. This means investors lost a lot of money.
Wells Fargo says JPMorgan knew the numbers were wrong but still gave the loan anyway. Now, they are fighting in court.
- Wells Fargo says JPMorgan was careless.
- The loan was for $481 million.
- Investors lost tens of millions of dollars.
- JPMorgan and the Chetrit Group have not yet commented.
| Fact | Number |
|---|---|
| Loan amount | $481 million |
| Apartment Number | 8671 |
| Amount still owed | >$285 million |
