JPMorgan Must Defend Claim It Saved Millions on Abandoned Assets

JPMorgan Chase & Co. could be on the hook for millions in unpaid interest and penalties for delaying transfers of unclaimed property to the state of New York following a first-of-a-kind state court ruling.

State Supreme Court Judge James E. d’Auguste denied JPMorgan Chase’s petition for summary judgment in a whistle-blower case alleging the financial giant, for more than a decade, made false statements to the state and fraudulently delayed escheating abandoned properties to the Office of the New York State Comptroller. JPMorgan Chase’s delay strategy, the whistleblower asserts, permitted the bank to sit on millions of dollars’ worth of ...