Sarah Mirando  |  January 18, 2013

Category: Closed Class Actions

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Chase HELOC Class Action Lawsuit Settlement

 

Award (how much your claim may be worth): You can receive a cash payment of $35 from the Chase HELOC class action settlement.

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Class Action Lawsuit Settlement Case(s): In Re: JPMorgan Chase Bank Home Equity Line of Credit Litigation, Case No. 10-cv-3647, MDL 2167, U.S. District Court, Northern District of Illinois.

Company(ies): JPMORGAN CHASE BANK, N.A.

Chase Bank

 
Website of the Class Action Lawsuit Settlement Administrator (FILE YOUR CLAIM HERE): www.ChaseHELOCSettlement.com

Address to submit a claim form (REQUIRED):

To receive your cash award from the Chase HELOC class action lawsuit settlement, you must submit a Claim Form to the following address postmarked by April 7, 2013:
 
Chase HELOC Settlement Administrator
c/o KCC Class Action Services
P.O. Box 43142
Providence, RI 02940-3142

Phone Number to call for assistance: (877) 208-9278

Details: The Chase HELOC settlement will resolve a class action lawsuit, titled In Re: JP Morgan Chase Bank Home Equity Line of Credit Litigation, that alleges Chase violated the Truth-in-Lending Act and violated customers’ HELOC Agreements and consumer protection laws by suspending or reducing their HELOCs even though their property did not significantly decline in value.

Chase denies the allegations, but has reached a class action lawsuit settlement to resolve the litigation.

Class Members include all Chase HELOC customers in the United States who had their home equity line of credit suspended or reduced by Chase between January 1, 2007 and September 30, 2012 based on its determination that the property had significantly declined in value.

The settlement also includes a subclass of former customers who, as of September 30, 2012, had closed their HELOC account during the time their account was still suspended or reduced based on Chase’s determination that their property value had significantly declined.

If the Chase class action lawsuit settlement is approved and becomes final, Class Members will receive a number of benefits, including:

Notice of Right to Request Reinstatement. Chase will send a Notice of Right to Request Reinstatement to Class Members whose HELOC accounts are open and still suspended or reduced due to a decline in property value, and who have more than 90 days left to draw from the account as of the date the Settlement becomes final. The Notice of Right to Request Reinstatement will explain that Chase has revised some of its standards for reinstating HELOC accounts and that Class Members may be considered for reinstatement or partial reinstatement under Chase’s revised policies. It will also inform Class Members that they have the right to request reinstatement.

Proactive Offer of Account Reinstatement. Chase will proactively offer account reinstatement to certain Class Members who satisfy Chase’s current internal property value and credit guidelines and other criteria. Within 90 days of the date the Settlement becomes final, Chase will send a letter to qualifying Class Members offering reinstatement of their HELOCs up to a limit set by Chase. The Class Member may accept Chase’s offer to reinstate the HELOC by checking a box indicating acceptance and returning the letter to Chase. Class Members who fail to check the box and timely return the letter to Chase will not have their HELOC reinstated through the Proactive Offer of Account Reinstatement Process.

Limitation on Use of Automated Valuation Models (AVMs). For one year after the date the Settlement becomes final, Chase will not rely on its Tier 3b, 4b or 5b AVMs when determining whether to suspend or reduce a HELOC due to a decline in property value.

Enhanced Account Treatment Notices. For one year after the date the Settlement becomes final, all of Chase’s notices informing HELOC customers that their account is being suspended or reduced due to a decline in property value will include an appraisal amount that will be needed in order to reinstate the HELOC.

Reimbursement of Appraisal Fee. For one year after the date the Settlement becomes final, Chase will continue its policy of providing refunds of any appraisal fees paid by customers who successfully appeal the suspension or reduction of their HELOC based on a significant decline in home value.

Limitation on Use of 5% reduction criterion for future reductions and suspension. For one year after the date the Settlement becomes final, for future reductions and suspensions, Chase will limit its use of a 5% reduction in value criterion as an indication of a significant decline in home value to “high CLTV” situations, i.e., when a borrower’s combined loan-to-value ratio is 90% or more.

Service Assurances. For one year after the date the Settlement becomes final, Chase will only use AVMs that have gone through its testing and validation processes. In addition, Chase will not make any substantial changes to its customer service processes for: (i) notifying borrowers of account suspensions or reductions; and (ii) addressing customer requests for reinstatement, unless the changes benefit borrowers.

Payments to Subclass Members. Subclass Members who complete and submit valid Claim Forms stating that they were damaged by the suspension of their HELOC may receive a cash payment in the amount of $35.

Subclass Members must submit a Claim Form by April 7, 2013 to receive a $35 cash payment.

Claim Forms and more information on your rights in the Chase HELOC Class Action Lawsuit Settlement can be found at www.ChaseHELOCSettlement.com.

Account Suspended or Reduced between: January 1, 2007 and September 30, 2012

Claims must be postmarked by: 4/7/13

 

Settlement Administrator(s): Kurtzman Carson Consultants LLC

Class Counsel:

 

EDELSON MCGUIRE, LLC

 

MURRAY FRANK, LLP

 

ABBEY SPANIER RODD & ABRAMS, LLP

Defense Counsel:

BURKE, WARREN, MACKAY & SERRITELLA, P.C.


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4 thoughts onChase HELOC Class Action Lawsuit Settlement

  1. Betty says:

    One of the Bank account with Chase was closed without my premission.Also have requested loan information still waiting for loan doc. The Helco account was deleted and # was changed from the credit bureau, I can’t file for the settlement because the claim number are not correct,modification still pending.I refused to sign, giving Chase control of my Trust and being able to request documents with a broad request.as of Jan 2013.
    someone keeps changing my e-mail acct.

  2. Betty says:

    In March 2010 I notified Chase of indenty thief and loss of income in my business and would not be able to make payments, told to call back, because of a 3 months unable to pay. The extra money may allowed me the ability to jump start my child care and stop accruded late fees.The Stress of paying monthly needed bills as PG&E,water, food and etc. Chase and other banks did not care for the people that help make them.

  3. T WILSON says:

    I HAD A VERY SERIOUS BACK INJURY WHICH HAPPENED AT WORK, AND AFTER YOUR ORGANIZATION PUT A FREEZE ON MY HOME EQUITY LINE OF CREDIT WHICH YOU APPROVED US FOR ORIGINALLY. IT WAS HALTED VERY ABRUPTLY! WITH A DAUGHTER IN COLLEGE AND A WIFE WHOM ALSO HAS A VERY BAD BACK ISSUE WE COULD HAVE USED THAT MONEY THAT WE AGREED UPON. ALL I HAVE TO SAY IS WE WILL BE CHANGING BANKS BECAUSE OF THIS. WE ARE TRYING OUR HARDEST TO GET CAUGHT UP AND ALL THE WASTE OF YOUR POSTAGE AND PHONE CALLS WERE UNNECESSARY. THAT IS WHY WE PAY CHARGES, TO PAY FOR THE EMPLOYEES, PAPER AND POSTAGE YOU SPEND. CHASE HAS NO PROBLEM ADDING FEES TO PEOPLE WHO ARE TRYING TO GET CAUGHT UP. BYE BYE CHASE

  4. patsy gardunio says:

    chase didn’t help us when my husband got cancer in 2010 and therefore we left the house. we were told by a representative at your company that we were living free and to get the f out of the house (my husband and I occupied). we sent the papers to chase and wells fargo and no one helped with the situation. no modification, no one calling us back, no one to talk to. we tried several times to get answers but no one helped. we left the house and it is unoccupied. my husband and i are very unhappy with your company and your representives.

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