Married couple sues JPMorgan over sale of jewelry from their safe deposit box worth $10 million
Married couple Jorge and Stella Araneta of the Philippines filed a lawsuit against the largest U.S. bank by assets JPMorgan for the sale of their jewelry. The bank made $552,700 on the sale of the items, which were stored in a safe deposit box at a bank in New York. The Aranettes, on the other hand, valued the valuables at $10 million, Bloomberg reported.
The couple had leased seven safes at JPMorgan branches in New York since 2006. They renewed the deposit agreement each year, and the bank sent statements to a Manhattan address. In March 2016, the bank warned that if the Araneta did not pay their bills within 60 days, their safe deposit boxes would be opened and sold. However, the paperwork was mistakenly sent to another address in Louisiana.
In February 2017, the couple’s assets were removed from four safety deposit boxes and moved to a bank depository. The Araneta only learned about it two years later. They paid the rent, and the bank assured them the property would be returned to storage. However, it was later discovered that their valuables had been sold at auction for $552,700. The family said that was only a small part of the value of all the items — the boxes held precious metals, jewelry and coins.