Two elderly women in California are suing JPMorgan Chase for allegedly enabling a massive theft of over $2.2 million of their combined life savings.
Victims of “Pig Butchering” Scam
The plaintiffs, 76-year-old Diane Artemis Yaffe and 80-year-old Alice Lin, were victims of a “pig butchering” scam, in which con artists posing as employees from the Internal Revenue Services (IRS) targeted them.
Yaffe Lost Over $1.5 Million
Yaffe was defrauded of over $1.5 million and was forced to sell her home and other retirement savings to cover her losses. Lin was robbed of over $720,000, which was nearly every penny of her retirement savings, and has left her in severe financial insecurity.
Chase Failed to Protect Customers
The plaintiffs’ lawyers argue that Chase should have prevented the wire transfers, as they were obviously suspicious and out of character for the women.
Chase Spokesperson Says Customers Were Warned
A Chase spokesperson said that both Yaffe and Lin were fully warned by bank employees about the wire transfers before they were sent. However, Lin says she was only given warnings after the wires had been sent, and that the bank failed to consult with her daughter, who is a co-owner of the bank account.
California Law Allows Victims to Hold Banks Accountable
California law allows victims like Artemis and Alice to hold banks accountable and recover money tragically stolen from them.