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This settlement is closed!
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JPMorgan Chase Bank agreed to pay $11.5 million as part of a settlement resolving class action lawsuit claims it mismanaged escrow balances despite state interest laws.
The settlement benefits individuals for whom JPMorgan Chase serviced a mortgage loan for property in Connecticut, Maryland, Minnesota, New York, Rhode Island, and Wisconsin and who should have been paid interest on their escrow accounts for the following dates:
- For Rhode Island customers: Jan. 1, 2010, to April 9, 2021
- For Connecticut, Minnesota, New York, or Wisconsin customers: Jan. 1, 2014, to April 9, 2021
- For Maryland customers: Jan. 1, 2017, to April 9, 2021
JPMorgan Chase has operated in the United States for over 200 years. Today, the company has over 250,000 employees, more than 100 global markets, and manages over $2.6 trillion in client assets. Some of these assets include customer mortgage loans and escrow accounts.
According to plaintiffs in the escrow class action lawsuit, JPMorgan Chase failed to pay interest on certain mortgage escrow balances despite relevant laws in Connecticut, Maryland, Minnesota, New York, Rhode Island, and Wisconsin. When customers paid money in advance which was to be held in escrow by JPMorgan Chase, the company was allegedly required to pay interest on certain balances under state laws.
For example, under New York law, mortgage investing institutions are reportedly required to pay at least 2 percent interest on these funds. Despite these requirements in New York and similar laws in other states, JPMorgan Chase allegedly failed to pay interest on escrow balances. Plaintiffs in the JPMorgan Chase class action lawsuit say they suffered financial injury as a result of these practices.
JPMorgan Chase did not admit any wrongdoing but agreed to pay $11.5 million to resolve the claims against it.
Under the terms of the settlement, Class Members will receive a cash payment based on the amount of unpaid interest they are owed by JPMorgan Chase. According to the settlement website, payments will be at least $5 but are estimated to be around $24.
Payments will vary amongst Class Members based on the balance of their mortgage escrow account, as determined by JPMorgan Chase’s records.
In addition to providing cash payments, JPMorgan Chase agreed to pay interest on escrow accounts as required by state laws for three years.
The deadline for exclusion and objection is Feb. 21, 2022.
The settlement final approval hearing is scheduled for March 17, 2022.
No claim form is required to benefit from the JPMorgan Chase lawsuit settlement. If the deal is granted final approval, Class Members who do not opt out will automatically receive a settlement payment and other benefits.
Who’s Eligible
The settlement benefits individuals for whom JPMorgan Chase serviced a mortgage loan for property in Connecticut, Maryland, Minnesota, New York, Rhode Island, and Wisconsin and who should have been paid interest on their escrow accounts for the following dates:
- For Rhode Island customers: Jan. 1, 2010, to April 9, 2021
- For Connecticut, Minnesota, New York, or Wisconsin customers: Jan. 1, 2014, to April 9, 2021
- For Maryland customers: Jan. 1, 2017, to April 9, 2021
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable.
Claim Form
No claim form required
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Exclusion/Objection Deadline
02/21/2022
Case Name
Cymbalista v. JPMorgan Chase Bank, N.A., Case No. 2:20-CV-00456, in the U.S. District Court for the Eastern District of New York
Final Hearing
03/17/2022
Settlement Website
Claims Administrator
Cymbalista v. JPMorgan Chase Bank, N.A. Settlement Administrator
P.O. Box 43420
Providence, RI 02940-3420
855-786-1046
Class Counsel
Joseph S. Tusa
TUSA PC
Roger Heller
LIEFF CABRASER HEIMANN & BERNSTEIN LLP
Oren Giskan
GISKAN SOLOTAROFF & ANDERSON LLP
Defense Counsel
Alan E. Schoenfeld
WILMER CUTLER PICKERING HALE AND DORR LLP
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49 thoughts onJPMorgan Chase Bank Interest on Escrow $11.5M Class Action Settlement
In reference to my loan 0016771685 chase announced paid in full after around 10/28/2016 I received a call from the FTC under ftc# 6524441 and the lady representative told me to- CALL CHASE AT THIS NUMBER AND ASK THEM WHAT WILL THEY DO FOR YOU. Were their lien release department and apologize for what squatter Charles amanze fake SSN 364-86-8746 from Africa here on a visa had done to you. Congratulations on an paid up mortgage of 306,000 and we are doing an discharge of mortgage on this property which I received 3/1/2017.
New details that on 4/14/2023 at 3:01pm for 27 minutes I spoke with Morgan young at bank of American mortgage and he said a guy name Michael Sauvage of Wells Fargo are lying saying charles amanze has clear title and is no clear title here. They have attach 105,200 to your loan 0016771685 and added loan 2416251018 to north American bank and is fraud.
I want to know if I qualify for the class action lawsuit against chase
Me and my partner filled bankruptcy at same time and chase approved him for credit card and denied me. Only thing drifferent is his male and I’m female. Our zip code is drifferent.
I paid my home loan off 12/9/2016, to the sum of $120k. BTW, my original loan amount was $118K. After the market crash of 2008, I finally fell behind on my payment starting November 2010 at that time my mortgage balance was only 58k. After several years of fighting in court avoiding foreclosure. I was able to come up with the funds that the servicing company asked for. In mid February 2017 I received my escrow account still believing that I overpaid . Four years later on 12/02/2020, I received a check for $4636.75 from community loan servicing ref. refund on PIF L. And, On 4/29/2022 I received a check for $319.27 with a reference #L316621 from the same servicing company. I called them to let them know that my middle initial was “J” and not “I”. I could not deposit the check for that reason. I called on numerous occasions, but no one would answer the line given in their Letter. I’m positive that even more money was stolen from me and I would like to join this law suit. Can anyone help me? I would truly love a complete auditing of my loan, because it was a 30 year loan that was never refinanced and all 360 payment were made, even paid it off 4 months before the due date.
Yes please add me into the class action lawsuits
Add me please I knew it I knew their interest was not right just paid off a loan with them for a car accident I knew they were charging me too much talking to management and everybody and everybody was rude and disrespectful to me. No one would call me back and they messed up my credit and everything.
I’m Joseph sharp jp Moran chase na took all my Uc benfits I open Acount set up my deposit after that in 2021 aug I have proof rounding number last 4 of the Acount number told 29,000 off me I called they frost found it than week later can’t find it I I want in this seattlement asap I lost my house my car it all cause if this not right call me or my wife 5704983906 I just want what’s owe to me
In my case chase clearly have unclean hands with an African immigrant squatter in my property Dr. Charles Amanze in our country on an visa with an fake African teacher Degree and teaching at schoolcraft college. A fake African doctor degree with an office in Detroit on Grand Blvd. And a fake SSN number 364-86-8746. Living in my property since 10/1/2008 when that day he scam me to move out because he said he purchased my property on 12/24/2008 at a bank foreclosure sale from well Fargo for 89,000.
My escrow payment of 2,294.57 sitting in Michigan treasury escheat since 2007 as sent to chase 2/26/2020 ID# 3188104 and then Chase assigned claim no. 3483976 admitting yes you gone get it. Just informed by chase that the squatter got two checks in my name that appears they arranged for him to have 1. 3/2/2021 2. Mailed out 4/27/2023 in which they lie that they don’t know the amount and will not mail me copies of the checks. The claims checks escrow payment or the claim for despite I have made police report 23-42944 and completed an affidavit of forgery. This people are criminals colluding together.
To date, I have not received a settlement check.