Chase Bank Archives - Page 2 of 2 - Stoll Berne | Attorneys | Class-Action, Securities, IP, Real Estate, Business Litigation

Earlier, I noted on this blog that JP Morgan Chase had asked a New York federal judge on July 14, 2011, to grant final approval to a $42 million settlement resolving a class action challenging the bank’s classification of its residential loan underwriters as exempt from overtime pay requirements. On October 12, 2011, the court granted the request and gave final approval to the $42 million settlement.

The case had a long history, being filed in 2001. The District Court granted summary judgment in JP Morgan’s favor. The Second Circuit reversed finding that JP Morgan’s residential loan underwriters were not exempt from overtime, because their jobs were more like non-exempt “production” job than like exempt “administrative” jobs. The Second Circuit found it significant that the residential loan underwriters had little discretion and basically had to follow written guidelines for the approval of loans. Even more telling, the residential loan underwriters were not reviewed based on the quality of the loans they approved, but instead, were reviewed based on the number of loans they approved. In other words, the job was more like an assembly line. Continue reading “Judge approves settlement of overtime class action against JP Morgan Chase”

On September 27, 2011, Judge Maxine Chesney in the federal district court in San Francisco ordered that a class notice was to be mailed to all class members in the “Check Loan” Chase Credit Card class action. The lawsuit claims that Chase violated the implied covenant of good faith and fair dealing when it increased the minimum payment from 2% to 5% of the outstanding balance. The notices should be mailed out shortly, and the opt out deadline will be January 30, 2012, or 60 days after the summary notice is mailed.

Attached is the form of the summary notice the court approved: Chase Notice

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. Continue reading “Chase credit card promotional check or balance transfer offer class action lawsuit settlement”

Bank of America Corp., JPMorgan Chase & Co. and other banks may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage-backed securities market if sophisticated investors are allowed to sue as a group with less savvy ones.

Class action status allows investors to pool financial and legal resources, giving them greater leverage to win larger settlements or verdicts. The banks, however, have a court ruling on their side that may help fend off such blockbuster cases. It says class status is barred because some investors are too sophisticated — in fact, because some of them are other banks, including JPMorgan. Continue reading “If class actions are certified, banks may pay more to resolve mortgage backed securities class actions”

On May 13, 2011, the District Court of the Northern District of California certified a class action on behalf of certain credit card holders against Chase Bank. Chase credit card customers allege in the complaint that they were offered balance transfer loans or loans in the form of blank checks that were connected to but with different terms than the credit cards. The Plaintiffs also claim that the promotional rate loans offered by Chase had terms that were at low interest rates usually with APR’s or interest rates set at 2.99% or 3.99% “for the life of the loan.” Chase used the promise of these low fixed rates for the life of the loan to induce consumers to transfer their balances from other credit card accounts to a Chase account. Most people paid a substantial balance transfer fee to Chase to lock in the promotional rates for as long as there was a balance remaining on the transferred amounts. Continue reading “Ninth Circuit denies request for appeal by Chase in credit card class action”

JP Morgan Chase asked a New York federal judge on July 14, 2011, to grant final approval to a $42 million settlement resolving a class action challenging the bank’s classification of its loan underwriters as exempt from overtime pay requirements.

The financial giant and counsel for the putative class of loan underwriters filed a joint motion seeking final approval for the deal, which won preliminary approval in April, saying that more than 3,000 individuals had opted in to the settlement. Continue reading “JP Morgan Chase settles overtime class action”

I earlier wrote about a number of banks being sued for reordering debit card transactions from high to low in order to increase overdraft fees. Those suits were all transferred by the multi-district panel to a district court in Florida.

In their latest attempts to ditch the multi-district litigation pending in Florida, the banks once again argued that the National Banking Act (“NBA”) barred the plaintiffs’ state law claims, pointing to a recent Eleventh Circuit decision holding that the NBA preempted an action based on a state consumer protection law aimed at limiting a bank’s ability to charge fees for certain services. Continue reading “JP Morgan Chase attempt to exit MDL nixed”

I earlier wrote a posting about the excessive overdraft fees cases we filed against several banks that have all been transferred to Florida. On July 18, 2011, U.S. District Judge James Lawrence King orally ruled in court that he would grant a motion for class certification filed by customers of Union Bank. In other words, customers may sue as a group over the bank’s overdraft-fee policy of reordering debit transactions to highest to lowest. Continue reading “First class action certified against Union Bank in excessive overdraft cases against banks”

A class action lawsuit has been filed against JPMorgan Chase Bank, N.A. in the United States District Court for the Northern District of California. The case is entitled Patricia McNeary-Calloway v. JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A., Class Action Case No. 11-CV-3058). The complaint alleges that JPMorgan Chase required homeowners who have or had residential mortgage loans originated and/or serviced by JPMorgan Chase to pay forced-placed hazard insurance policies, purportedly in violation of the Real Estate Settlement Procedures Act of 1974 (“RESPA”). The complaint also alleges those acts constitute a breach of contract, violation of California’s unfair competition law, and unjust enrichment. Continue reading “JPMorgan Chase named in forced place insurance class action lawsuit”

On May 23, a federal district judge in Florida preliminarily approved a settlement in a class action alleging that Bank of America had charged excessive overdraft fees on debit cards. The bank reordered the processing of the debit charges from highest to lowest, which resulted in more overdraft fees. Under the settlement, the Bank would pay $410 million.

Bank of America was the first defendant to settle in the case. Roughly 30 defendants remain, including US Bank, Wells Fargo, JP Morgan Chase, and Citibank. Bank of America no longer charges overdraft fees for debit purchases. Instead, it declines the card if there are not sufficient funds.

Click here to see the order preliminarily approving the settlement.

A class action settlement has been reached in a class action lawsuit against JPMorgan Chase & Co. and Chase Bank in the United States District Court for the Southern District of Florida (entitled Kardonick, et. al. v. JPMorgan Chase & Co. et al., Class Action Case No. 10-cv-23235). The complaint alleged that Chase engaged in breaches of contract, breaches of implied covenant, and violations of the unfair and deceptive acts and practices statutes of various states, in connection with marketing and administering Chase Payment Protection Products. Continue reading “Chase Bank settles credit card payment protection product class action”

A class action lawsuit has been filed against Chase Home Finance LLC and JPMorgan Chase, N.A. in the U.S. District Court, Southern District of California, alleging that defendants reneged on a promise to modify troubled mortgages. The class action is brought on behalf of the following class of persons: Continue reading “Homeowners File Class Action Lawsuit Against JPMorgan Chase”