Couple Is Suing JPMorgan Chase After Accusing Bank Of Drilling Open Their Safe Deposit Boxes & Selling $10 Million Of Their Valuables When They Failed To Pay Rent For Boxes

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A Philippines couple who is suing JPMorgan Chase claimed the bank sold $8 million to $10 million worth of valuable items from a safe box they had with the bank in New York City, reports Business Insider

Although the couple, Jorge and Stella Araneta, reside in the Philippines, they own an apartment in New York City. The couple is accusing the bank of invading four out of seven of their safe deposit boxes after they failed to pay their safe deposit box rent, says a complaint filed on March 22, 2022. 

The couple said they failed to pay their safe deposit box rent because the bank didn’t send the bills to the correct address. Reports say the bank allegedly sent final notices to renew two boxes to a PO box in Louisiana. The Louisiana address didn’t belong to the Araneta’s nor did they authorize it. The letters were sent back to the bank. The complaint said that back in 2019, the couple paid off an outstanding rent balance in full when they were at the bank in person renewing their leases. 

Reports say the bank sold their items in the safe box for $552,700 at the beginning of summer 2020. 

The couple’s complaint revealed that they began renting from the bank back in 2006 and renewed their lease yearly. It’s unclear how much the lease costs; however the pair made four $190.53 payments in May 2014 toward the safe boxes. Around Feb. 17, 2017, the bank opened four of their safe deposit boxes without informing the couple and removed the items inside the box. 

Jorge and Stella Araneta are currently looking for compensation for their belongings. The items in the safe box included gold coins, jewelry, and Rolex watches 

According to Business Insider,

“the case is proceeding with negligence and other counts.” 

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