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"After more than three years of hard-fought litigation, class representatives and class counsel are now pleased to report that the parties have agreed to settle this certified class action," both sides reported to U. The only way credit card customers could avoid payments that suddenly were 150 percent higher than promised: Agree to steeper interest rates, which would elevate their balances and, once again, their payments.
Either way, the bank boosted its fees and customers were compelled to spend more money, the lawsuit charged.
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The nation's largest issuer of credit cards, JPMorgan Chase & Co., has agreed to settle a major class action lawsuit that charged the bank with breaking a promise to more than 1 million customers -- and overcharging them. They described the proposed settlement as "an excellent result, particularly in light of the claims alleged and the risks and delay associated with ongoing litigation, trial and appeal." Suit filed 3 years ago The lawsuit, filed July 24, 2009, alleged that Chase lured customers by promising monthly minimum payments of just 2 percent of the total balance until the full amount was paid or the customer defaulted.
The company agreed Monday to pay 0 million in a case involving credit card customers who transferred balances from cards issued by other banks to Chase accounts in return for "fixed" interest rates that turned out to be anything but. But, in January 2009, the bank unilaterally raised the minimum payment to 5 percent of the balance, according to the lawsuit.
Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered. Then sign up for Credit Cards.com’s weekly e-newsletter for the latest news, advice, articles and tips. Once a week you will receive the top credit card industry news in your inbox. That will leave about million to be distributed to credit card customers under a complicated, pro-rata formula detailed in the proposed settlement.According to the settlement document, the number of affected credit card owners could exceed the current 1,007,806 names on file.The editorial content on Credit is not sponsored by any bank or credit card issuer.The journalists in the editorial department are separate from the company's business operations.