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.
Judge Grants Final Approval of $100 Million Settlement with JPMorgan Chase
On November 19, 2012, U.S. District Judge Maxine M. Chesney granted final approval of a nationwide, $100 million settlement with JPMorgan Chase & Co. “We’re pleased with the Court’s decision,” stated Girard Gibbs partner Eric Gibbs. “The settlement is the result of a hard fought, difficult case for the plaintiffs, and we applaud Chase for stepping up and getting something meaningful done.” A copy of the Chase final approval order and judgment is available here.
For more information on the final settlement, visit www.ChaseMinPaymentLawsuit.com.
$100 Million Settlement Reached with JPMorgan Chase
Girard Gibbs is pleased to announce that preliminary approval has been granted to a $100 million settlement with JPMorgan Chase & Co., ending a nationwide class action lawsuit against the company for more than doubling the minimum monthly payment requirement for over a million customers.
The Court ordered the mailing of class notices no later than August 24, 2012, and set the final approval hearing for November 16, 2012.
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.
Speak to A Consumer Attorney
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 to speak to a consumer attorney.