Bags Of Nickel Worth Over $1 Million Turns To Bags Of Stones
Written by Reign on March 22, 2023
Imagine having 54 metric tons of a metal stored away in a warehouse and it is worth over $1 million. When you go to cash in you are told you sent bags of rocks worth $0 instead.
That happened to JPMorgan Chase according to the Wall Street Journal. The company had bags of what they thought was nickel stored in a warehouse but the bags actually contained stones.
The bags were weighed at the warehouse and totaled 54 metric tons which is worth $1.3 million. The warehouse that held the bags is called Access World and they are inspecting the warranted bags at other locations as well.
Access World will most likely bare the responsibility for the mix up and not JP Morgan Chase. The bags of nickel represent 0.14% of nickel inventories. The company bought the bags years ago and stored them in the warehouse.
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