A federal judge ruled that JPMorgan Chase did not breach its duties to client Peter Doelger, who lost his fortune amid dementia, highlighting industry's limited cognitive monitoring standards.
This case tests Wall Street's liability for managing the assets of aging clients, particularly in relation to investments made as their cognitive abilities decline.
The Doelgers claimed the bank's investment strategies were too aggressive considering Peter's fading cognition, but the judge found insufficient evidence that JPMorgan was aware.
JPMorgan's approach to monitoring cognitive ability, especially as clients age, is vague compared to the rigorous screenings they perform for understanding complex investments.
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