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Ship seized in $1.3 billion cocaine bust belongs to JP Morgan Chase

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PHILADELPHIA (CNN) — Customs and Border Patrol authorities in Philadelphia seized a JP Morgan Chase-owned cargo vessel on the 4th of July with nearly 20 tons of cocaine on board.

The banking company does not have operational control of the MSC Gayane, which is run by the Swiss-based Mediterranean shipping company.

Law enforcement agents boarded the ship in June and discovered the cocaine, which has a street value of almost $1.3 billion.

The bank has yet to comment.

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