JPMorgan Chase Has Been Sued for Allegedly Terminating Accounts

It has been revealed that JPMorgan Chase has been just sued. Check out the latest reports in order to learn what happened.

The online publication the Daily Hodl noted the fact that America’s biggest bank is being sued for allegedly terminating several accounts and failing to ensure more than a million dollars was returned to its rightful owners.

A mother-son duo, Rui Wang and Hengchen Qu, have recently filed a lawsuit against JPMorgan Chase Bank on the grounds of unjust enrichment and breach of contract concerning certificates of deposit (CDs).

It is important to note the fact that the report by Think Advisor notes that the two had purchased three nine-month CDs worth $1.16 million at a Chase branch located in Arcadia, California back in 2019.

According to the complaint, when Wang and Qu returned from China, they visited the same Chase branch to find out that their accounts had been closed. The bank claimed that they had sent reimbursement checks back to the duo.

However, the plaintiffs argue that they never received the checks and have no clue as to where the money was supposed to be sent.

The complaint stated the following:

“The staff stated that the CD accounts had been closed and three checks, each representing the fund therein, had been mailed to the address provided by plaintiffs, which were not received by, or even known to, plaintiffs.”

The Daily Hodl notes that CDs are financial products that offer a fixed amount of yield for a deposit which is typically only withdrawable after a predetermined length of time.

“After requesting that the checks be reissued, an assistant vice president reportedly asked the two customers to provide the numbers of the checks. However, the plaintiffs say that’s impossible for them to do.”

The suit requests Chase return the funds, and says that Wang and Qu “have suffered financial losses for their failure to access the funds they needed.”