by Pam Martens and Russ Martens at Wall Street On Parade
On January 29, Anne Marie Murphy and two of her colleagues at law firm Cotchett, Pitre & McCarthy, LLP in Santa Monica, California filed a lawsuit in Superior Court on behalf of a 76-year old widow, Diane Artemis Yaffe.
Scammers had tricked Ms. Yaffe into making seven wire transfers out of her Chase Bank account, which tallied up to the astonishing sum of $1.8 million, or the bulk of her funds at the time.
There are three things which jump out of the factual details in the case that would appear to be legally problematic for Chase Bank – the federally-insured, retail banking unit of JPMorgan Chase Bank, N.A. First, the six figure wires were completely out-of-character for this elderly client. Second, the huge sums were being wired out of the country. Third, the funds that Chase Bank wired were originally at Bank of America and were only transferred to Chase Bank because Bank of America had the good sense to refuse to make the wire transfers for this elderly widow.
But rather than accept responsibility and make the widow whole, JPMorgan Chase has hired the international corporate law firm, Steptoe, to represent it in the court case. The bank has also forced the removal of the case out of state court to federal court (a move which is being very competently challenged by Ms. Yaffe’s attorneys), and appears ready to engage in copious motions to drag out the case.
Knowing this bank’s history of felony counts and an unprecedented rap sheet,…
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