Chase Settlement Over Alleged Equal Credit Opportunity Act Violation
A settlement has been proposed in a Chase class action lawsuit that alleges the bank violated the Equal Credit Opportunity Act requirement to provide the specific reason for taking an adverse action on a credit application by giving “previous unsatisfactory relationship with this bank” or “previous unsatisfactory relationship with us or one of our affiliates” as the only reason for taking an adverse action in connection with a credit card account.
Chase denies it has violated the law, and no court or other entity has made any judgment or other determination that Chase violated the law.
You are part of this settlement if Chase sent you a letter giving either “previous unsatisfactory relationship with this bank” or “previous unsatisfactory relationship with us or one of our affiliates” as the only reason for taking an adverse action in connection with a credit card account during the period beginning January 28, 2014 and ending on November 22, 2019.
The settlement amount is very small, only $244,659. But if you are eligible you can receive a share of the $187,659 that will be paid out after administration costs and award to the settlement class representative.
You can either submit a claim form to share in the benefits of the Settlement, affirmatively exclude yourself from the Settlement, object to the Settlement, or do nothing.
Payments from this Chase settlement are estimated to be $148 based on a projected 7% claims rate, but may be significantly less if there are an unexpectedly large number of claims.
HT: Doctor of Credit
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