Chase Minimum Payment Class Action Lawsuit
Chase Credit Card Loan Class Action Lawsuit Background
In July 2009, Girard Gibbs LLP and co-counsel filed a consolidated class action lawsuit against Chase on behalf of a national class of consumers in the District Court of Northern California.
The lawsuit alleges that Chase provided over a million consumers with loans promising a fixed, low interest rate with a 2% monthly minimum payment to apply "until the balance is paid in full." The lawsuit alleges that in November 2008 and June 2009, Chase unilaterally changed the terms of the loans by increasing the monthly minimum payment from 2% of the loan balance to 5% of the loan balance.
For many Chase customers, the increase in the minimum payment meant that they suddenly had to come up with hundreds of extra dollars each month to meet this new payment requirement.
Class Certification Granted in Chase Lawsuit
In May 2011, after extensive briefing and oral argument, the Court granted plaintiffs' motion for class certification. This is an important ruling because it means that the case will proceed to trial as a class action. If a jury concludes that Chase violated the law, Chase could be required to provide relief to all class members and not just those who filed the lawsuit.
You are a member of the class certified by the Court if you meet the following definition:
- All persons or entities in the United States 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 of a minimum monthly payment increase by Chase and subsequently closed their account
or agreed to an alternative change in terms offered by Chase.
What Happens Next?
Class Notice: The Court has approved a postcard notice that will be sent to those who have been identified as members of the class defined above. The postcard will briefly describe your rights and options in the lawsuit and provide you with a website and phone number if you would like more information. A full copy of the notice approved by the court is available here.
The Trial: The Court has set a trial date in July 2012 although we expect Chase to request that the Court move the trial date back a few months. Chase is also attempting to appeal the Court's class certification ruling with the U.S. Supreme Court which could delay the trial.
Have Questions?
If you would like more information about the Chase Minimum Payment Class Action Lawsuit, please fill out the form on the right or call (866) 981-4800.
Why Girard Gibbs LLP?
Girard Gibbs is a national litigation firm representing consumers, investors, employees, and small businesses in cases involving consumer protection, personal injury, securities, antitrust, and employment laws. The firm’s senior partners, Daniel Girard and Eric Gibbs, have been selected for inclusion in The Best Lawyers in America® 2012 and Northern California Super Lawyers, and have earned AV-Preeminent ratings from Martindale-Hubbell, recognizing them in the highest class of attorneys for professional ethics and legal skills.
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CHASE CREDIT CARD CLASS ACTION LAWSUIT DOCUMENTS
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