Loading...

Missing millions! How JPMorgan Chase left a family in financial ruin

Missing millions! How JPMorgan Chase left a family in financial ruin

Most read

Loading Most Ready posts..
Share link:

TL;DR

  • JPMorgan Chase is embroiled in a lawsuit filed by a mother and son, Rui Wang and Hengchen Qu, alleging unjust enrichment and breach of contract over missing Certificates of Deposit (CDs) totaling $1.16 million.
  • The bank claimed to have mailed reimbursement checks to an unspecified address but the plaintiffs assert they never received the funds, pointing to a failure in the bank’s internal processes and customer service.

America’s financial colossus, JPMorgan Chase, has found itself ensnared in a legal labyrinth over allegations of failing to return $1.16 million to a mother-son duo. Rui Wang and Hengchen Qu have levied accusations of unjust enrichment and breach of contract against the bank, according to a report by Think Advisor. The case centers on certificates of deposit (CDs), which Wang and Qu purchased from a Chase branch in Arcadia, California, in 2019. Upon their return from China, the pair were shocked to discover that their accounts had been terminated and were further dumbfounded to find that reimbursement checks had supposedly been mailed to an unknown address.

Frustrations boil over

After opening these CDs—financial products that guarantee a fixed yield over a stipulated time frame—Wang and Qu returned to China. Consequently, their discovery was made when they came back to the United States and visited the Chase branch. Besides being told that their accounts were closed, they were informed that checks representing their deposits had been mailed. However, they neither received these checks nor knew where they had been sent. Moreover, their account balances had swollen to nearly $1.19 million by this time, thanks to interest accumulation.

Significantly, when Wang and Qu sought to reissue the checks, they were confronted with an insurmountable obstacle. An assistant vice president of the bank requested the numbers of the previously issued checks, a demand impossible for the plaintiffs to meet. Multiple meetings later, the executive claimed that further assistance couldn’t be rendered without these check numbers. Hence, the plaintiffs claim that JPMorgan Chase has breached its contractual obligations, which has led them to suffer substantial financial losses.

Wang and Qu are seeking damages exceeding $1.18 million. According to the lawsuit, JPMorgan Chase is obligated to release the funds immediately upon customer request, raising questions about the bank’s practices. Additionally, the case has broader implications about the transparency and accountability that should be intrinsic in financial institutions, especially those as significant as JPMorgan Chase.

It’s essential to highlight that the institution has yet to comment on the lawsuit. What is under scrutiny here is not just a large sum of money, but the core principle of trust that underpins every transaction between a bank and its customer. When that trust is broken, as alleged in this lawsuit, the ramifications can be far-reaching and devastating, both for the institution and the financial system at large.

While legal procedures will ultimately determine the bank’s liability in this unsettling episode, this lawsuit nonetheless raises serious questions about the practices and policies of major financial institutions. Is the weight of the financial system crushing the very people it is supposed to serve? The ball is now squarely in the court of JPMorgan Chase, and, by extension, the entire banking industry. Will they step up and mend the ruptures, or will the gulf widen? Only time will tell, but the questions, much like the missing millions, remain agonizingly unresolved.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan