87-year-old ex-JPMorgan client loses lawsuit over dementia-related financial loss; bank countersuits for legal costs.
An 87-year-old former JPMorgan Chase client, Peter Doelger, lost a legal fight against the bank after a federal judge dismissed his lawsuit, stating there was no evidence JPMorgan was aware of his dementia-related cognitive decline as he lost his $50 million fortune. The couple now faces a countersuit from the bank for legal costs. This case highlights the challenges in identifying when a client can no longer manage their finances, amid a lack of formal industry standards.
October 04, 2024
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