A once-wealthy JPMorgan Chase & Co. client whose portfolio crumbled as he slid into dementia lost a legal battle seeking to recoup his fortune from the bank.
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.
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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 Wa