America’s Biggest Bank Faces Lawsuit Over Missing Funds
JPMorgan Chase, the largest bank in the US, is being sued for allegedly closing several accounts and failing to return over $1 million to its rightful owners. Rui Wang and Hengchen Qu, a mother and son, have filed a lawsuit against the bank for unjust enrichment and breach of contract related to certificates of deposit (CDs). In 2019, they purchased three CDs worth $1.16 million at a Chase branch in Arcadia, California. CDs are financial products that offer fixed yields for deposits that can only be withdrawn after a predetermined time.
Unresolved Dispute Over Missing Checks
Upon their return from China, Wang and Qu discovered that their accounts had been closed. The bank claimed to have sent reimbursement checks to their address, but the pair insists they never received them or knew where the money was supposed to be sent. When asked to reissue the checks, an assistant vice president requested check numbers, which the plaintiffs couldn’t provide. The lawsuit demands that Chase return the funds and compensate for the financial losses incurred by Wang and Qu’s inability to access their funds.
Chase Declines Comment on Lawsuit
A spokesperson for JPMorgan Chase declined to comment on the ongoing lawsuit. It remains to be seen how the case will unfold and whether the missing funds will be returned to the plaintiffs.
Hot Take: JPMorgan Faces Legal Battle Over Missing Funds
A lawsuit has been filed against JPMorgan Chase Bank by two customers who claim that their accounts were terminated and over $1 million in funds was not returned. The bank allegedly closed their accounts while they were in China and said reimbursement checks had been sent but were never received by the customers. The lawsuit demands that the funds be returned and seeks compensation for the financial losses incurred. JPMorgan Chase has declined to comment on the matter, leaving the resolution of this dispute uncertain.
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