A judge has preliminarily approved a $100 million class-action settlement with customers of credit card companies and JPMorgan Chase & Co. The credit card company customers accused JPMorgan Chase & Co. of attempting to bring in higher fees for their cards by boosting minimum payments. JPMorgan Chase & Co. is the largest bank in the United States.
The attempt to increase minimum monthly payments for thousands of credit card holders came in late 2008 and early 2009. The settlement involves customers who even transferred their credit card balances from other lending companies. The increase in minimum payments went from 2 percent of account balances to 5 percent of account balances.
 |
|||
 |
|
Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!! |
|
JPMorgan Chase & Co. is headquartered in New York. Its cardholders claim that the bank increased its minimum payment requirement in order to force the customers to accept the higher rates so they could keep a lower payment requirement or cause the cardholders to make a higher number of late payments. Late payments incur fees and interest rates.
On Thursday, Judge Maxine Chesney, of the U.S. District Court in San Francisco, granted the preliminary approval of the settlement. The judge approved it as fair, adequate and reasonable. Final approval will be determined at a hearing scheduled for November 16. Close to $25 million of the settlement will be used for legal fees and $1.5 million will be used for litigation fees, according to court documents.
Posted by Jim Vassallo
on August 10, 2012. Filed under Business News,JPMorgan.
You can follow any responses to this entry through the RSS 2.0.
You can skip to the end and leave a response. Pinging is currently not allowed.
Attorney Career Resources is sponsored by BCG Attorney Search, the nation's leading placement firm, specializing in law firm placements.
Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
 |
||
| Search Thousands of Legal Jobs | ||
|
Job Type: |
||
 |
||
|
Browse Jobs by Location: |
||
|
||
| Keyword Search: | ||
|
||
Recent comments