back to article JP Morgan must face suit from Ray-Ban maker after crooks drained $272m from accounts

A New York federal judge told JP Morgan Chase Bank this week that he would not toss a lawsuit accusing the bank of ignoring red flags when cybercrooks stole $272 million from the New York account of the company that makes Ray-Bans in 2019. In an opinion and order filed on Wednesday [PDF], US District Judge Lewis Liman …

  1. Anonymous Coward
    Anonymous Coward

    He's not a robot, he's just a naughty boy

  2. quartzie

    Luxottica payback

    Considering how much money the Luxottica monopoly takes in from just about anyone needing glasses in the western world, it feels just a tiny bit like payback.

    1. bpfh
      Boffin

      Re: Luxottica payback

      When you get up in the morning and the light is hurt your head, the first thing you do when you get up out of bed, is to hit those streets a-runnin' and try to beat the masses...

      And go get yourself some cheap sunglasses...

      1. Sceptic Tank Silver badge
        Boffin

        Re: Luxottica payback

        I wear my sunglasses at night

    2. Paul 195
      Mushroom

      Re: Luxottica payback

      Boots will sell you an excellent pair of sunglasses for about £20. They will protect your eyes as well as a pair of Raybans or Oakley sunglasses costing 10 times as much. (Icon to indicate thermonuclear protection)

  3. Tom66

    Er... how in the world do you not notice $250 million in fraudulent transactions on your main bank account?

    Do they not practice double-entry bookkeeping any more?

    1. NightFox

      I have to admit, I sometimes don't get round to checking my bank statements every month.

    2. FlamingDeath Silver badge

      when the units of money exceeds collective braincells, bad things happen

    3. Strahd Ivarius Silver badge
      Facepalm

      with all the automated systems in place in most big companies, nobody checks the bank account anymore unless there is a payment incident, and of course the company impacted notice it and manage to raise someone at their customer place to investigate the matter...

      1. MiguelC Silver badge

        I've designed automated systems that reconcile in house bookkeeping with electronic bank statements that provide alerts if there is a difference (over a certain threshold) between both sets of numbers, forcing some kind of user intervention to guarantee the alerts are dealt with.

        There is some leeway for small inconsistencies, but it's usually a few euros, certainly not a quarter of a billion!

  4. TimMaher Silver badge
    Coat

    After the boys of Summer have gone.

    “You got that hair slicked back and those

    Wayfarers on, baby”

    Just love the lyrics.

    Mine’s the one with the Ray-Bans in the pocket.

  5. Anonymous Coward
    Anonymous Coward

    "co-launched augmented reality glasses with Meta"

    That shows the level of cleverness in Luxottica. This was the idea of one of Del Veccchio's "sons" who actually never understood why Google's and Snapchat's glasses were a failure - but allows him to hold a lavish lifestyle in California pretending to take care of such "business" - which is why JP Morgan didn't complain about transfers exceeding limits - I guess it happened before but "someone" told them it was fine.

    BTW, they are not augmented reality glasses - they are just glasses that takes photos. Really, low-level technology stuff, and the kind of privacy-breaking one.

    1. Sgt_Oddball
      Coat

      Re: "co-launched augmented reality glasses with Meta"

      I hope they come with different coloured lenses... Red and green... Round and rectangular.... Built by a machine high on it's own supply...

      Mines the one in black with the bowel disruptor in the pocket.

  6. FlamingDeath Silver badge

    "described as a 'complex fraud orchestrated by international cybercriminals.'"

    Yes, complex. Anything less and we look like we're idiots

    "claimed to have isolated the infected servers and installed software patches" - (with the support of leading external antivirus experts.) LMFAO

    RIP Computer Science

    With every company getting popped by "sophisticated" hackers, I just have to LOL

    Have they considered hiring a plumber? you know, to fix the computer which is not much different than a toilet (This is how companies view I.T)

  7. Kevin McMurtrie Silver badge

    Big banks

    That's what you get for using a big bank and not having a team of accountants watching it. You have to dispute every fee, protest every change of terms, and NEVER let your account balance decline enough that you become the bank's prey.

    I'm sure they can hire a JP Morgan fraud investigator for... it's a lot and it's not targeted towards "smaller" customers. So sorry. Also, the balance went negative after the last fee for not maintaining the minimum balance. Your account is closed and the last 12 outbound checks are being reversed to recover past due fees to the bank.

  8. xyz123 Silver badge

    Holy crap!

    JP Morgans defence is "the criminals asked for your money, therefore ONLY the criminals can ask for a refund as they are "the sender".

    Was at that point I've informed every single friend/colleague I know of that works for a corporation with JP Morgan accounts of their 'defence' and advised them to raise this via their finance department to change banks. Quite a few of those people are finance directors.

    1. Claptrap314 Silver badge

      The lawyer ought to be fined for a plea like that.

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