A class action settlement has been reached in a class action lawsuit against Chase Bank pending in the United States District Court, Central District of California. The case is entitled Milgram v. Chase Bank USA, N.A., Class Action Case No. 10-00336 GW (PJWx). The complaint alleged that promotional check and balance transfer offers sent by Chase Bank indicating that a promotional interest rate would be in effect “until your [Month/Year] statement opening date” did not adequately inform consumers when the promotional interest rate would cease to apply, according to the Chase Credit Card Promotional Check or Balance Transfer Offer class action settlement notice.
Chase Credit Card Promotional Check or Balance Transfer Offer settlement class members include the following persons, unless otherwise excluded:
You are a Settlement Class Member if you are or were a Chase credit card account holder and accepted a promotional check or balance transfer offer, sent by Chase between January 15, 2006 and February 28, 2010, with a promotional interest rate stated in the offer as effective “until your [Month/Year] statement opening date” and, after acceptance, you incurred finance charges on the resulting promotional balance at a non-promotional rate because of expiration of the promotional interest period (and not because of your non-payment, late payment or any other breach or violation of your agreement with Chase).
The Chase Credit Card Promotional Check or Balance Transfer Offer class action settlement provides that Chase has agreed to pay not less than $6,000,000, and not more than $7,800,000, for the benefit of Settlement Class Members. This money reportedly will be used: (1) to pay the costs of notice and administering the settlement; (2) to pay counsel for the Settlement Class attorneys’ fees and litigation expenses and to pay a service/enhancement award to Plaintiff; (3) to make Direct Payments and Claim Payments to Settlement Class Members, and from the residual balance of the Settlement Fund, if any, to a charitable organization or organizations.
If the settlement is approved by the Court, Settlement Class members who paid in full their promotional credit card balances during the disputed month will reportedly receive a payment of $12, which will be mailed to them by the Settlement Administrator (“Direct Payment”). All other Settlement Class Members will be eligible to claim a maximum of $8 per account from the Settlement Fund, but this amount may be reduced pro rata based on the number of valid claims (Claim Payment”).
The Court is scheduled to hold a “Final Fairness Hearing” on November 22, 2011, at 8:30 a.m. at the United States District Court, Central District of California, 312 Spring Street, Courtroom #10, Los Angeles, California 90012, to hear any objections and to consider whether to give final approval to the Chase Bank Credit Card Promotional Check or Balance Transfer Offer settlement.
For more information on the Chase Credit Card Promotional Check or Balance Transfer Offer class action settlement, visit the Milgram v. Chase Bank, USA class action settlement website: