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JPMorgan Chase Home Equity Class Action Lawsuit Proceeds
By Kimberly Mirando
JPMorgan Chase & Co. has lost its bid to dismiss a home equity class action lawsuit that accuses the lender of reducing or suspending home-equity lines of credit without a permissible reason.
U.S. District Court Judge Rebecca Pallmeyer ruled last week that the eight homeowners that brought the JPMorgan class action lawsuit could go forward but dismissed allegations of fraud and unjust enrichment against the bank.
The homeowners allege in the JPMorgan Chase home equity class action lawsuit that the lender wrongly reduced the amount of money some customers could borrow against their homes, citing a decline in home values. The plaintiffs, however, claim JPMorgan Chase withdrew those lines of credit without any justification for doing so.
“Plaintiffs’ allegations that defendant reduced or suspended their HELOCs without adequate justification are sufficient to state claims for breach of contract under Minnesota, California, Texas and Delaware law,” Pallmeyer said in a 42-page decision.
The next step, lawyers for the plaintiffs say, is to seek class-wide certification that will include thousands of similarly situated homeowners as potential class members.
The case is In re: JPMorgan Chase Bank Home Equity Line of Credit Litigation, 10cv3647, U.S. District Court, Northern District of Illinois.
Updated July 5th, 2011
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5 thoughts onJPMorgan Chase Home Equity Class Action Lawsuit Proceeds
I have a helix with chase also since 2007. The stopped my line of credit also no explanation. I’ve never missed a payment or been late. I noticed a few years back they were charging me a fee of 27.00 I called and they said it was a mistake and only refunded 3 months. Who knows how long I’ve been paying it.
My Washington Mutual 30 year land loan was handed over to Chase but I do not believe they have the original note. Chase forced me to make payments that required me to pay over 20k extra in principal – tricky wording in note – not what was pitched by WAMU mortgage rep and my not was no longer being amortized over 30 years – super high payments for years during recession – hurt my credit – and I heard Chase admitted in court in Summer of 2013 that they did not actually have the WAMU notes transferred in writing over to Chase – Shouldn’t the notes have vanished when WAMU vanished? Does Chase have the legal right to accept mortgages payments and payoffs?
Chase did the same thing to me. After they cut off my line of credit saying my property declined in value, I had a certified appraisal done at a cost of $400.00. The appraisal was considerable higher than what Chase claimed their automated BS appraisal was. I sent Chase a copy of the appraisal confident my line of credit would be restored, instead Chase sent me a brief letter stating they were not reinstating my line of credit with no explanation whatsoever. How do I join the lawsuit against Chase?
Chase did this to us in the State of Washington. Had a large line of credit, they lowered it by about half then froze it all together. How and where can we get added to a class action against Chase / Washington Mutual for the4 State of Washington?
JPMorgan Chase Home Equity Class Action Lawsuit Proceeds
HOW DO I GO ABOUT ENTERING THE CLASS ACTION LAWSUITS AGAINST CHASE. THEY CLOSED MY EQUITY LINE WITHOUT NOTICE WHEN THEY THOUGHT MY HOUSE HAD LOST VALUE. I HAVE NEVER MISSED A PAYMENT.