JPMorgan client who lost $50 million fortune amid dementia is denied trial [Fortune]
JP Morgan Chase & Co. (JPM)
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Source: Fortune
A federal judge in Boston threw out a lawsuit filed by Peter Doelger, 87, and his wife, Yoon, accusing the firm of keeping him in an inappropriate investment. In a ruling unsealed Friday, the judge said it doesn't appear JPMorgan knew about Peter's deteriorating cognition over the years in which he lost a fortune the firm had pegged at more than $50 million. While the ruling blocks their complaint from going to trial, the couple still faces a countersuit from JPMorgan seeking to recoup its costs from the three-year legal fight. A family attorney said they are interested in appealing the judge's decision. The rise and fall of the Doelger family fortune, chronicled by Bloomberg in December, tested whether Wall Street firms can be held responsible for losses by clients whose ability to understand their portfolios wanes. Financial firms screen customers to ensure they're sophisticated enough to make complex investments — but the industry's practices for monitoring their cognition as
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