When Ken was struck by a taxi and sustained traumatic brain injury ("TBI"), aphasia, and triplegia he was 32. His family sued the taxi driver and company owner and were awarded $37 million by a New York City jury in damages. But they were unable to collect the award.
But Ken was employed by the Chase Manhattan Bank, the Rockefeller's Bank, and he earned a mid-six figure income. His employer told him he had Long-term Disability ("LTD") insurance, Accidental Death and Dismemberment ("AD&D") insurance, a 401k plan, a Pension Plan, 10-year equity options and full medical insurance.
JP Morgan Chase & Co.'s (f/k/a The Chase Manhattan Bank) permanently disabled employee, Ken Morrison, had ERISA benefits that he and his family should have been able to count on. There are established ERISA laws, defining Plan documents, and consequences for breaching fiduciary duties.
The heritage Bank had been happy to compensate Ken when he helped build the existing JP Morgan Chase Global USD Interest Rate Derivatives Flow-Franchise Trading business.
But once he was totally disabled, they lost interest in his financial welfare.
They lost ERISA participant-level records (compensation records, benefit elections in the year of disability, etc.) required to be held indefinitely until benefits are no longer warranted.
Failed to follow Plan documents in computing his LTD benefits due to a flawed Employer Statement form, and discarded source records.
Failed to follow up on early external communications of an LTD computation problem nearly 20 years ago, when they might still have had the records they were required to keep indefinitely.
There were no healthcare benefit quality controls through multiple mergers, and to this day. Multiple Plan Administrators did not have access to the source information they needed from the Bank to properly audit due ERISA benefits independently.
JP Morgan Chase, through Morgan Health, is in no position to offer other companies consulting advice on how to achieve equitable employer-sponsored healthcare outcomes until they fix their own operational and quality control problems.
Mr. Kenneth Scott Morrison should be used as a case study by Morgan Health to identify the operational, legal, compliance, and ethical lapses in employer controls that caused one tragedy to be followed by another.
Ken Morrison The Chase Manhattan Bank JP Morgan Chase & Co. Morgan Health ERISA denial of benefits Jamie Dimon JP Morgan Chase Code of Ethics Morgan Health Ken Morrison Robin Leopold Head of JP Morgan Chase Human Resources