SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
SoftBank Eyes Switch Inc as It Pushes Deeper Into AI Data Center Expansion 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
JPMorgan Chase has launched lawsuits against four customers, alleging they exploited a viral ATM glitch to withdraw $661,000 in fraudulent funds. The malfunction allowed checks to be deposited and withdrawn before clearing, with some checks later marked as counterfeit. Chase seeks to reclaim the misappropriated funds.
Chase Pursues Legal Action in $661K Check Fraud Cases Following Major ATM Glitch
JPMorgan Chase, the largest bank in the United States, has initiated legal proceedings against its customers for check fraud. According to Reuters, the bank accuses them of illegally withdrawing funds by exploiting a transient technical malfunction that gained widespread attention on TikTok.
In late August, a glitch permitted customers to deposit substantial checks in ATMs and withdraw funds promptly before the checks could clear, even if the checks subsequently bounced.
On October 28, Chase filed four lawsuits in federal courts in Los Angeles, Houston, and Miami. The lawsuits accuse two individuals and two businesses of illegally retaining over $661,000 after the deposited checks were designated counterfeit or forged.
Chase reported that a Houston man is still in debt of $290,939.47 after withdrawing most of a $335,000 check that a masked man deposited in his account on August 29. This was the most significant case. According to Chase, the check was declined on September 4.
JPMorgan Targets Suspected Fraud in Lawsuits, Reinforcing Security Amid Check Forgery Surge
On October 28, the defendants either declined to respond, refused to accept, or could not be promptly contacted for comment.
The defendants are accused of violating their deposit agreements in all four lawsuits. They are seeking to return funds that were unlawfully withdrawn and other costs.
JPMorgan, headquartered in New York, stated that it actively investigates cases and collaborates with law enforcement to guarantee that individuals are held accountable.
The Wall Street Journal reported last month that the bank was investigating thousands of potential instances of check forgery.
"Fraud is a crime that impacts everyone and undermines trust in the banking system," JPMorgan spokesman Drew Pusateri said in a statement.
Check falsification is a federal offense. Customers are permitted to access a portion of the value of their checks until numerous financial institutions, such as Chase, clear them.
