Chase minimum payment class-action lawsuit
I’ve just been informed of a class action lawsuit against Chase related to the raising of minimum payments.
On July 26, 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 complaint alleges that beginning in November 2008, Chase began notifying consumers participating in the low APR, fixed for life offers that their minimum monthly payment would increase from 2% of the loan balance to 5% of the loan balance, and some accounts would also be charged a $10 service fee, which Chase now says it has refunded.
For most 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.
Girard Gibbs attorney, Eric H. Gibbs, states, “Chase’s conduct is having a real impact on our clients, particularly in these tough economic times. Our clients are people who made sound decisions in how to manage their long term debt, only to have Chase change the rules because it is not reaping enough profit from our clients’ accounts. It is an important issue for the courts to address in a meaningful way.”
For more information and to join the lawsuit, please see: http://www.girardgibbs.com/chase.asp
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By MRJOHN, October 21, 2010 @ 9:34 am
I hope the Judge involved in this case is opened minded and not corrupted by the “System”. J.P. Morgan Chase should pay dearly for ruining people’s lives through this “Bait and Switch” fiasco. There was no good reason (Except Greed) or law for Chase to raise the minimum payment from 2% to 5%. What goes around comes around and I hope the Judge really sticks it to J.P. Morgan Chase if the outcome favors the plantiffs.
By ChaseD, May 10, 2011 @ 11:38 am
Was wondering if anything is being done to Chase for the 2% to 5% min. payment hike? I have been making the 5% min payment on time, but not sure how much longer I can hold out. If anyone knows the status of any class action lawsuit, please post! Thanks!