Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

JPMorgan Agrees to Settle ‘Check Loan’ Contract Litigation

July 24 (Bloomberg) -- JPMorgan Chase & Co. agreed to pay $100 million to settle credit-card holder claims that the bank increased their required minimum payments after promising a fixed interest rate.

The accord resolves a class action, or group lawsuit, filed on behalf of 1 million cardholders pending in federal court in San Francisco. The $100 million settlement fund represents about one-half of the up-front transaction fees cardholders paid on their credit card loans, lawyers for customers said in a court filing yesterday.

A trial in the case was scheduled to begin this month, according to the filing.

Jennifer Zuccarelli, a spokeswoman for New York-based JPMorgan, didn’t immediately respond to an e-mail seeking comment on the settlement.

The case is In Re: Chase Bank USA, N.A. “Check Loan” Contract Litigation, 09-2032, U.S. District Court, Northern District of California (San Francisco).

To contact the reporter on this story: Karen Gullo in San Francisco at kgullo@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.