Sarah Mirando  |  September 26, 2012

Category: Closed Class Actions

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Award (how much your claim may be worth): You can receive a base payment of $25 plus additional money based on how you were affected by a Change in Terms to your fixed APR loan from Chase.

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.

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

Chase Bank

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

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.

Phone Number to call for assistance: (800) 460-4936

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.

Class Counsel:

 

LIEFF, CABRASER, HEIMANN & BERNSTEIN, LLP
THE STURDEVANT LAW FIRM, P.C.
 
GISKAN, SOLOTAROFF, ANDERSON & STEWART, LLP
 
GREEN & NOBLIN, P.C.
 
GIRARD GIBBS LLP
 
MILBERG LLP
 

Defense Counsel:

 

STROOCK & STROOCK & LAVAN, LLP


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9 thoughts onChase Credit Card “Change in Terms” Class Action Lawsuit Settlement

  1. jim says:

    get lawyers and sue them!!

  2. Gary Voncele Savage says:

    I was duped into using the checks sent to me, not knowing that a separate interest rate would be added to my account each month until paid off. It’s as though I have 2 cards instead of one. I send in extra, above the minimum each month but it seems I will never get it paid off.

  3. Linda says:

    I received my Chase Class Action settlement last week–a big whopping $26.00 and some change. All the mental anguish they caused when they tried to hike their rates and/or make you pay triple the amount per month–they should have been made to pay more–they still send out credit card offers regularly

  4. Bambi says:

    Had a nice savings account also with chase, then when I withdrew more then 4 times a month they charge me big time for taking my money out…Said, Its the law that your not allowed more then 4 withdraws on your savings account in one month….Never knew that!!!twice they took money from my savings for me withdrawing too many times in one month!

  5. Bambi says:

    I was single and had a very high interst credit card with chase, then they talked me into going with the low fixed rate and would never change untill it was paid off, then all of a sudden I get this huge bill with lots higher interest rate from chase, now knowing I will never get it paid off,Thanks chase!

  6. Mary L/D Jackson says:

    I have submitted my claims for the debit cards and have not recieved any New Cards or Payments for the Bank of America,Bank Of New York,Chase Bank, Bank One!!!! I submitted my claims forms in October/September2012!! and need to have my New Credit Cards and Corresponding-ly BLANKS A>S>A>P!!! To Complete the Proper Transaction!!! Nessersery

  7. kate says:

    it has taken me over a year to pay off a $500 charge because of their ridiculous interest charges and finance charges. Ive now paid 100’s more than what i orginally charged on the card.

  8. Anonymous says:

    I was paying my bill on time every month.to Chase, I was late with my Discover Card, Then Chase increased my Interest Rate from 9% up mto 29.9% I have since been unabler tol keep up my payments to Chase, and they have ruined my crerdit rating

  9. Anonymous says:

    I am being charged $25.00 a month for fees that i don’t even know for what plus interest charges. I have a set monthly payment but these fees are making it harder for me to get this card paid down. Would i be incuded in the class action lawsuit?

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