Steven Li, a resident of San Jose, California, has taken legal action against JPMorgan Chase Bank NA for allegedly allowing an identity thief to make unauthorized transactions from his bank account. The complaint was filed on February 7, 2025, in the Superior Court of California, County of Santa Clara. Li accuses the banking giant of multiple violations including breaches under the Electronic Fund Transfer Act and California's Identity Theft Statute.
According to the court documents, on May 22, 2024, an identity thief successfully transferred $5,766.04 from Steven Li's bank account at Chase. Li promptly disputed this transaction the following day but was met with a denial from Chase on June 1, 2024. The bank claimed that the transaction was processed according to information provided or authorized by Li himself. Despite providing evidence such as a police report and an identity theft affidavit, Chase continued to deny his claims through multiple correspondences over several months.
Li’s complaint highlights a pattern of negligence and unfair practices by Chase. He asserts that the bank failed to conduct a reasonable investigation into his fraud claim as mandated by federal law under the Electronic Funds Transfer Act (EFTA). The EFTA requires financial institutions to investigate fraudulent transactions upon notification and holds them liable if they unreasonably conclude no fraud occurred. Li further alleges that Chase's refusal to return his funds caused him significant financial distress and emotional turmoil.
In addition to claiming damages under federal law, Li accuses Chase of conversion—wrongfully exercising control over his property—and negligent training and supervision of its employees. He also charges the bank with violating California’s Unfair Competition Law and Identity Theft Statute by maintaining faulty procedures that harm consumers like himself.
Li seeks various forms of relief from the court including statutory, actual, and punitive damages; attorney fees; treble damages; and injunctive relief declaring him a victim of identity theft. He also requests that any security interest Chase may have in connection with this incident be declared void.
Representing Steven Li is Ronald Wilcox from Wilcox Law Firm P.C., while details about attorneys representing JPMorgan Chase Bank NA are not specified in the document. The case is presided over in Santa Clara County Superior Court under Case No.: 25CV458394.