JPMorgan Chase Bank, N.A has submitted a motion to dismiss the complaint filed against the bank by Bullion Trading.
As FX News Group has reported, Bullion Trading LLC is suing Chase for allegedly preventing wire transfers by its customers into Bullion Trading’s account held at Waterfall Bank.
JPMorgan explains that, according to an FBI agent’s sworn affidavit concerning Bullion Trading’s account(s) with Waterfall Bank, multiple elderly victims have reported being embroiled in a gold-purchasing scam involving Bullion Trading and Waterfall Bank account(s) in Bullion Trading’s name.
Against this backdrop any action taken by Chase upon suspicion of fraud, scam, or financial exploitation affecting one of its accountholders, suspicion of fraud or other illegal activity, and/or to avoid a loss or reduce a risk to the bank is reasonable and permitted by the express terms of the Deposit Account Agreement (DAA) that governs Chase’s relationship with its deposit account customers.
Chase argues that Bullion Trading’s suggestion that Chase is somehow liable to it for taking such permitted actions to protect its own customers is devoid of merit and this case should be dismissed in its entirety, with prejudice.
