JPMorgan Chase Faces Legal Storm Over Missing Million-Dollar CDs
The largest U.S. bank is currently entangled in a legal battle as it faces allegations of account closures and mishandling funds exceeding a million dollars.
Rui Wang and Hengchen Qu, a mother-son duo, have taken legal action against JPMorgan Chase Bank. They claim that the bank engaged in unjust enrichment and breached contractual obligations regarding certificates of deposit (CDs).
In 2019, Wang and Qu acquired three nine-month CDs, each set to automatically renew, totaling $1.16 million at a Chase branch in Arcadia, California. Upon returning from a trip to China, they visited their local Chase branch, only to discover that their accounts had been abruptly closed. According to the plaintiffs, the bank asserted that reimbursement checks had been sent to their address.
However, Wang and Qu dispute this, asserting that they never received these checks and remain unaware of their funds’ whereabouts. They contend that bank personnel confirmed the closure of the CD accounts and the mailing of three checks, each representing the funds contained within. The plaintiffs deny any receipt of these checks or knowledge of their existence.
Certificates of deposit (CDs) are financial instruments that offer a predetermined yield for a deposit, typically with limited withdrawal options until a specified maturity date. Upon requesting new checks, an assistant vice president at the bank allegedly demanded check numbers, a task the plaintiffs deemed impossible.
The lawsuit filed by Wang and Qu seeks the recovery of their funds, emphasizing the financial hardships they’ve endured due to their inability to access their invested capital. In response to the lawsuit, a spokesperson for JPMorgan Chase Bank has refrained from making any comments or statements