Missing millions! How JPMorgan Chase left a family in financial ruin
The post Missing millions! How JPMorgan Chase left a family in financial ruin appeared on BitcoinEthereumNews.com. 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…
The post Missing millions! How JPMorgan Chase left a family in financial ruin appeared on BitcoinEthereumNews.com.
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…
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