On November 19, 2012, U.S. District Judge Maxine M. Chesney granted final approval of a nationwide, $100 million settlement with JPMorgan Chase & Co, on behalf of over a million customers who had loans with Chase promising a fixed, low-interest rate with a 2% monthly minimum payment to apply “until the balance is paid in full.” According to the lawsuit, in November 2008 and June 2009, Chase unilaterally changed the terms of the loans by increasing the monthly minimum payment from 2% of the loan balance to 5% of the loan balance, more than doubling customers’ monthly payments.
Eric Gibbs nominated for Consumer Attorney of the Year in Chase minimum payment class action
The Consumer Attorneys of California nominated Eric Gibbs for 2013 Consumer Attorney of the Year for his work representing plaintiffs against Chase bank and for successfully challenging the increased monthly minimum payments imposed on some Chase customers.
“We’re pleased with the Court’s decision,” stated Gibbs Law Group founder Eric Gibbs. “The settlement is the result of a hard-fought, difficult case for the plaintiffs, and we applaud Chase for stepping up and getting something meaningful done.”