From www.girardgibbs.com
The Complaint
On February 18, 2009, Girard Gibbs LLP filed a class action lawsuit against Chase Bank USA, N.A. after the credit card issuer more than doubled minimum monthly payments and imposed a $10 monthly service fee on customers who had accepted its fixed-rate balance transfer offers.
The Background
According to the class action complaint, Chase invited consumers with a low risk of default to transfer their balance to Chase in exchange for a fixed interest rate, ranging from 2.99% 4.99%, that would last until the balance was paid in full. As part of the agreement, the consumer was required to make minimum monthly payments consisting of 2% of the ending balance on their monthly statement.
What is the Chase Finance Charge Class Action Lawsuit About?
The class action complaint alleges that, beginning in November 2008, Chase Bank began notifying consumers who had accepted their long-term fixed-rate balance transfer offer, that the terms of their loan agreement had changed. Under these changes:
* Consumers are charged a $10 monthly finance charge or “service fee,” listed as an “Account Service Charge” on their monthly statement.
* Consumers are required to make monthly minimum payments consisting of 5% of their monthly remaining balance, instead of the previous 2%.
Upon calling to complain about these changes, consumers were told that the monthly service fee could be waived and the minimum payment returned to its previous rate, if they agreed to a higher interest rate.
Girard Gibbs attorney, Eric H. Gibbs, states, “Chase’s conduct is having a real impact on our clients, particularly in these tough economic times. Our clients are people who made sound decisions in how to manage their long term debt, only to have Chase change the rules because it is not reaping enough profit from our clients’ accounts. It is an important issue for the courts to address in a meaningful way.”
Am I included in the Chase Finance Charge Class Action Lawsuit?
If you were promised a fixed annual rate by Chase, and were subsequently charged a $10 finance charge or required to make an increased minimum payment, you may be a member of the class. If you would like to learn more about our Chase Finance Charge Class Action Lawsuit, please fill out the form on the right for a free consultation with an attorney.
Why Girard Gibbs LLP?
Girard Gibbs, a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation, has recovered more than a billion dollars on behalf of its clients. Girard Gibbs’ managing partner Daniel Girard was voted one of Northern California’s Super Lawyers in 2007 and 2008 by Law & Politics, recognizing him as one of the top 5-percent of attorneys practicing in Northern California.
Read the complaint:
http://www.girardgibbs.com/chase complaint.pdf
Of course, we here at ChangeInTerms.com are pleased to annouce this class action lawsuit, number 8, here. We were also pleased to annouce that it was under investigation at an earlier time.
But we know of at least one more: “Stay Tuned.”
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