Two Elderly Women Sue JPMorgan Chase for Enabling Massive Theft of Life Savings
A lawsuit has been filed against JPMorgan Chase by two elderly women who claim that the bank facilitated a theft of over $2.2 million from their combined life savings. Diane Artemis Yaffe, 76, and Alice Lin, 80, were victims of a scam in California where con artists posed as IRS employees. Yaffe lost over $1.5 million and was forced to sell her home and retirement savings to cover her losses. Lin was robbed of over $720,000, leaving her in severe financial insecurity.
Suspicious Wire Transfers
In Yaffe’s case, the scammer threatened her with jail time if she didn’t send her life savings overseas through wire transfers. The lawyers argue that Chase should not have allowed these suspicious transactions to go through. Anne Marie Murphy, partner at Cotchett, Pitre & McCarthy (CPM), representing the plaintiffs, stated that Chase has a history of failing to protect elderly customers from fraud.
Bank’s Response
Chase spokesperson Peter Kelley claims that both Yaffe and Lin were warned about the wire transfers before they were sent. However, Lin says she received warnings only after the transfers had been made and that the bank did not consult with her daughter, who is a co-owner of the account.
Hot Take: Banks Must Protect Vulnerable Customers
The lawsuit against JPMorgan Chase highlights the need for banks to protect vulnerable customers from fraud. The plaintiffs argue that big banks like Chase facilitate predatory schemes instead of protecting their most vulnerable customers. They believe that California law allows victims to hold banks accountable and recover stolen money.
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