In June 2021, JPMorgan Chase started legal action against some customers who allegedly exploited a feature from its commission-free investing app, You Invest. Allegedly, certain customers were able to borrow unlimited amounts of money due to an ‘infinite money glitch’. This particular glitch permitted users to borrow against higher multiples of their investments, essentially providing them with “infinite leverage”.
Some of the customers allegedly took advantage of the glitch to perform high-risk trades, and JPMorgan claims that it lost significant amounts of money as a result. The bank is now suing to recover those sums. The defendants have allegedly failed to repay the large sums of money despite demands made by the bank, leading to the legal action. JPMorgan Chase has not publicly disclosed the specific number of customers or the exact amount of money involved.
Please note that while the bank has taken legal action, the courts have yet to rule on these legal actions.
