Chase Credit Card Loan Class Action Lawsuit
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.