JPMorgan Chase FCRA Class Action Lawsuit Settlement
JPMorgan Chase Bank has agreed to pay $8.75 million in order to settle a class action lawsuit that alleged the company violated the Fair Credit Reporting Act (FCRA).
Plaintiff Eva Duncan of Texas filed the FCRA class action lawsuit over claims that JPMorgan Chase accessed consumer credit reports in order to conduct an Account Review Inquiry of customers even after they, for numerous reasons, no longer had a relationship with the bank.
JPMorgan Chase allegedly implements an Account Review Inquiry during an annual audit which means Chase requests the credit information on individual customers. This does not include prescreening potential customers.
According to the terms of the JPMorgan Chase FCRA class action lawsuit settlement, the banking institution has not only agreed to pay the cash Settlement Fund but they have also agreed to change annual auditing for a few years.
The JPMorgan Chase class action lawsuit settlement states that for the next three years, annual audits will confirm that individuals who owe no debt to Chase, retain no interest in any property securing a debt owed to Chase, and have no other account with Chase will be exluded.
JPMorgan Chase denies any liability in the FCRA class action settlement but agreed to the terms in order to avoid the cost of further litigation.
JP Morgan Chase class action settlement Class Members include all borrowers or guarantors of a Chase or Chase-serviced account in which your consumer credit information was accessed by Chase through an Account Review Inquiry between Oct. 16, 2009 and Oct. 16, 2014, and at a time when the account met any one of the following criteria:
- The account was closed with a zero balance
- The account had been sold or transferred to a third party
- The debt on the account had been discharged in bankruptcy
- Chase had foreclosed the property securing the account loan
- Chase had sold in a short sale or had transferred through a deed in lieu of foreclosure the property securing the account loan
UPDATE 2: As of July 6, 2016, the settlement website states that the estimated payment per claimant is $8.92 and it is estimated checks will be issued in September 2016. Keep checking back and let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
UPDATE 3: As of July 12, 2016, the settlement is under appeal. Claims will not be paid until all appeals are exhausted. Top Class Actions will continue to provide updates as we learn more.
UPDATE 4: As of November 18, 2016, all appeals were resolved and the JP Morgan
Chase FCRA settlement is Effective. Checks will be mailed no later than December 18, 2016. Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
UPDATE 5: On Jan. 3, 2017, Top Class Actions viewers who filed valid claims for the JPMorgan Chase FCRA class action settlement began receiving checks worth as much as $8.93.
JP Morgan Chase class action lawsuit settlement Class Members will receive an equal portion of the $8.75 million Settlement Fund.
All remaining funds will be given to a nonprofit organization agreed upon by both parties and approved by the court.
No proof of purchase is required but Class Members must submit a valid Claim Form in order to receive a portion of the JP Morgan Chase class action lawsuit settlement.
Duncan v. JPMorgan Chase Bank, N.A.,Case No. 5:14-cv-00912-FB in the U.S. District Court for the Western District of Texas
UPDATE: On June 20, 2016, the JPMorgan Chase FCRA settlement received final approval from the court. Top Class Actions will continue to provide updates as we learn more. Keep checking back and let us know when you receive a check in the comments section below or on our Facebook page.
Chase FCRA Settlement Claims Administrator P.O. Box 43389 Providence, RI 02940-3389
Benjamin R. Bingham Royal B. Lea, III
BINGHAM & LEA, P.C.
H. Anthony Hervol, Esq.
LAW OFFICE OF H. ANTHONY HERVOL
Darby Riley Charles Riley
RILEY & RILEY
Kenneth A. Hill William Lance Lewis
QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C.
Noah A. Levine
WILMER CUTLER PICKERING HALE AND DORR LLC
Michael B. Goldberg,
PARKER IBRAHIM & BERG LLC
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Category: Bank loan