JPMorgan Chase & Co. lost a bid to stop an elderly widow from pursuing arbitration claims that her son siphoned over $8 million from her accounts. The bank argued the claims should be decided in court, but a judge dismissed their suit, stating the arbitrators must decide where the claims should be heard.

The widow filed a claim with Finra seeking to recover the money her son took from her accounts. JPMorgan sued her to halt the arbitration, arguing she wasn’t a customer of JPMorgan Securities. The judge ruled in favor of the widow, stating the arbitrators must decide the venue for the claims.

The son pleaded guilty to wire fraud for defrauding his mother of millions. He faces up to 20 years in prison for transferring her money into his account and spending it on personal expenses. The widow has also sued her son in a separate state court case in California for his actions.

Wall Street firms are under scrutiny for client losses due to compromised cognition in aging retirees. Financial institutions may be held responsible for not protecting vulnerable seniors from financial exploitation. The case highlights the need for better monitoring of elderly clients’ financial transactions and investments.

Read more at Yahoo Finance: JPMorgan Must Face Claims Over Son’s Fleecing of Elderly Mom