"Hostile" JPMorgan Accused Of Driving "Fragile" Broker To Suicide

Michael Lorig joined JPMorgan in 2008 as a senior managing director following its merger with Bear Stearns.

The marathoner and avid cyclist reportedly performed in the top 20 percent of his division and commanded seven-figure pay, but was told on Aug. 8, 2016, there was “no work for him to return to” after he spent two years on disability leave, the complaint said.

Lorig had twice previously taken leaves of absence for his depression, and his mental health issues were or should have been known to the bank, the complaint added. This treatment, the estate claims, caused Michael Lorig to take his life at age 66 on Jan. 22, 2017.

But while JPMorgan won at the district court level - when a federal judge held the company’s alleged wrongdoing was “simply too attenuated” to be the cause of Lorig’s death -  Lorig’s estate told the Second Circuit in a June 7 brief that the company had ample knowledge of Lorig’s mental health issues, including his suicidal thoughts, and still terminated his trading licenses and fired him when he declined to take a “highly unfavorable” retirement package.

"On five occasions ending on July 20, 2014 Lorig’s medical team sent JPMorgan updates on his health, all of which indicated Lorig had suicidal thoughts...

Plaintiff further alleges that on July 26,2014, August 10, 2014, June 20, 2015, and February 10, 2015, Lorig’s medical professionals sent Prudential...

updates on Lorig’s health, with the first two reports indicating Lorig had suicidal thoughts."

The estate wants to hold JPMorgan liable for Michael Lorig’s suicide, which the estate says was driven by the company’s treatment of Lorig during his struggles with depression and anxiety.

"The end-result of JPMorgan’s obstinacy, hostility, and strategic delay proved too much for Lorig’s fragile psyche, a psyche Appellees knew was replete with severe clinically-diagnosed depression, anxiety, and suicidal ideation.

Facing decimation of his professional future, Lorig committed suicide at his Florida home on January 22, 2017."

The case is Mullaugh v. JP Morgan Chase & Co., 2d Cir., No. 19-00755, brief for plaintiff-appellant 6/7/19.

Full Docket below: