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|Chase Credit Card Balance Transfer Class Action Settlement|
- Wednesday, 21 September 2011 03:00
Chase Credit Card Balance Transfer Class Action Settlement
By Kimberly Mirando
Chase Bank has reached a class action lawsuit settlement for inadequately informing cardholders about promotional interest rate terms on balance transfers and convenience check loans. As a result, Chase credit card account holders who accepted a promotional check or balance check offer sent by Chase between 2006 and 2010 may be able to file a claim to receive up to $12 from the class action settlement.
The Chase Bank settlement will resolve a class action lawsuit, entitled Milgram v. Chase Bank, USA Website, that alleges Chase Bank offered certain cardholders a promotional annual percentage rate on balance transfers and short-term convenience check loans until a specified “statement opening date,” but did not adequately inform consumers when the promotional interest rate would cease to apply. Chase denies any wrongdoing but has agreed to pay between $6 million and $7.8 million to resolve the litigation.
Class Members of the Chase credit card class action settlement include all Chase cardmembers nationwide who accepted a promotional check or balance transfer offer, sent by Chase between January 15, 2006 and February 28, 2010, with a promotional interest rate stated in the offer as effective “until your [Month/Year] statement opening date” and, after acceptance, incurred finance charges on the resulting promotional balance at a non-promotional rate because of expiration of the promotional interest period (rather than because of the cardmember’s non-payment, late payment or any other breach or violation of the cardmember’s agreement with Chase).
Class Members have two options for filing claims to receive a cash payment from the Chase credit card class action lawsuit settlement:
(1) Settlement Class Members who paid in full their promotional credit card balances during the disputed month will receive a payment of $12. If the class member received a postcard informing them that they are entitled to $12 and their account is in good standing, then they do not need to take any further action to receive money.
(2) Other Settlement Class Members are eligible to claim a maximum of $8 per account from the Settlement Fund, which may be reduced pro rata based on the number of valid claims. If they received a postcard informing them that they need to submit a claim form either online at www.MilgramSettlement.com or postmarked no later than November 3, 2011.
Detailed information about how to file a valid claim for the Chase Credit Card Balance Transfer Class Action Lawsuit Settlement can be found in our Open Lawsuit Settlements section.
Updated September 21st, 2011
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Last Updated on Thursday, 27 December 2012 11:09