Chase Bank Military Member Credit Card Holders Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

JPMorgan Chase Bank, NA is paying $62 million to settle a class action alleging it did not reduce the interest rates on the credit card accounts of service member customers. The complaint alleges that Chase’s behavior violates the Servicemembers Civil Relief Act, the Truth in Lending Act, Delaware’s Consumer Fraud Act, and breach of contract.

Docket Number:

5:16-CV-298

Company: JPMorgan Chase Bank NA

Filing Deadline: January 1, 2100

Class Period: January 1, 2005

Objection Deadline: August 31, 2020

Exclusion Deadline: August 31, 2020

Final Approval Hearing: October 1, 2020

Proof of Purchase:

You do not need to submit a claim form or provide proof. Presumably, Chase records will be used for verification.

Eligibility:

You may be eligible if you are the holder of a Chase credit card account who, at any time on or after January 1, 2005, received or may have been eligible to receive reduced interest or fee benefits on a Chase credit card account because of his or her military service, but excluding persons who have executed a release of the rights claimed in this action.

Typical Settlement Amount:

Group 1: A portion of a $27,461,938 fund to class members who were previously identified by Chase as eligible to receive a Calculated Refund Amount, but who did not receive or successfully deposit that refund. Group 2: Minimum of $75 for each class member. The remainder of the net settlement fund will be used to make a pro-rata distribution, in proportion to the class members Calculated Refund Amounts, to class members whose accounts had a Calculated Refund Amount of more than $166.

There is also an Escheat Outreach Program for those who may be able to claim additional funds by contacting a state unclaimed property department.

Total Settlement Amount: $62 million

Class Representative Proposed Incentive Fee:

$10,000 to $25,000

Law Firms:
Keller Rohrback
Shanahan Law Group, PLLC
Smith & Lowney PLLC

Case Name: Childress, et al. v. JPMorgan Chase Bank, N.A., et al.

Settlement Website: Chase Bank Military Member Credit Card Holders Settlement Website

Claims Administrator:
Rust Consulting, Inc.

Claims Administrator Contact Information:

Childress Settlement Administrator — 7002
c/o Rust Consulting
PO Box 0171
Minneapolis, MN 55440-0171
info@chasebankclassaction.com
1-866-403-6561

Tags: Excessive Interest Rate, SCRA, Your Bank