JPMorgan Chase & Co JPM:NYSE

JPMorgan Chase & Co. (JPM) is facing a lawsuit by a couple who claim the bank sold $10 million in jewelry and other valuables which they had stored in the bank's safe deposit boxes, Bloomberg News reported, citing the suit.

The couple, Jorge and Stella Araneta, who live in the Philippines, claim that the bank sent bills for the boxes to the wrong address, which caused them to fall behind on their account, the report said. The couple claim they made the delinquent payments and JP Morgan promised to return their property but instead auctioned off the contests of the boxes, Bloomberg reported.

According to the suit, the contents were sold for $552,700, or a fraction of the value.

JPMorgan did not immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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