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|Chase Credit Card "Change in Terms" Class Action Lawsuit Settlement|
- Wednesday, 26 September 2012 17:35
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Class Action Lawsuit Settlement Case(s): In Re: Chase Bank USA, N.A. "Check Loan" Contract Litigation, MDL No. 2032, Case No. 3:09-md-02032 MMC.
Address to submit a claim form (NOT REQUIRED):
You do not need to do anything to receive benefits from the Chase check loan class action settlement. If the settlement becomes effective, you will be mailed a class action settlement payment.
Details: JPMorgan Chase & Co. has agreed to pay credit card customers $100 million as part of a class action lawsuit settlement resolving allegations it improperly increased their minimum payments as a means to generate higher fees.
The Chase check loan settlement will resolve a class action lawsuit, entitled In re: Chase Bank USA, N.A. “Check Loan” Contract Litigation, that alleges JPMorgan illegally raised the minimum monthly payment and charged improper fees to certain credit cardholders.
According to the Chase credit card class action lawsuit, JPMorgan induced credit card customers into transferring credit card balances from other lenders to Chase card accounts, where the bank promised to consolidate their debt into loans with “fixed” interest rates until the balance were paid off. However, in November 2008 and June 2009, Chase sent some of these cardholders a “Change in Terms” notice, raising their minimum monthly payment from 2% to 5% of their outstanding account balance and, in some cases, applying a $10 monthly fee to their account. Plaintiffs in the class action lawsuit alleged this Change in Terms was improper.
Chase denies any wrongdoing, but has agreed to establish a $100 million class action lawsuit settlement fund to resolve the litigation.
Class Members of the Chase check loan class action lawsuit settlement include all persons or entities in the U.S. who entered into a loan agreement with Chase, whereby Chase promised a fixed APR until the loan balance was paid in full, and (i) whose minimum monthly payment was increased by Chase to 5% of the outstanding balance, or (ii) who were notified by Chase of a minimum payment increase and subsequently closed their account or agreed to an alternative change in terms offered by Chase.
If the Chase check loan settlement becomes effective after the November 16, 2012 Fairness Hearing, Class Members will receive a settlement check in the amount of their individual share of the class action settlement fund. Each Class Member’s share will be comprised of a $25 base payment PLUS additional money based on how they were affected by the Change in Terms.
You do not need to do anything to receive benefits from the Chase check loan class action settlement. If the settlement becomes effective, you will be mailed a payment to the same address you received a Settlement Notice at. If you did not receive this notice and believe you are a Class Member, contact the Settlement Administrator to update your contact information by calling 1-800-460-4936.
More information on your rights in the Chase Check Loan Class Action Lawsuit Settlement can be found at www.ChaseMinPaymentLawsuit.com.
Purchased or Leased From: N/A
Claims must be postmarked by: N/A
Settlement Administrator(s): Garden City Group, Inc.
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Last Updated on Thursday, 27 December 2012 11:09