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CASES

Chase Bank Class Action

Childress v Chase Bank USA N.A.United States District Court for the Eastern District of North Carolina
Case No. 5:16-cv-0298

Settlement Status

On November 12, 2020, the Administrator began the distribution of the settlement payments to the class members by depositing a check with the U.S. Postal Service or by electronic funds transfer.  

Please be advised that we are unable to confirm the payment method selected by any individual and we cannot respond to questions as to payment amounts. Please allow adequate time for the Postal Service to complete its delivery and for the Administrator to complete the electronic transfer.

Settlement checks were mailed to eligible persons on November 12, 2020. Eligible persons did not need to submit a claim to receive benefits from the Settlement.  The claims program in this matter has closed.

Case Overview

In 2016, Plaintiffs brought this case on behalf of themselves and a class alleging claims for violations of the Servicemembers Civil Relief Act (“SCRA”), violations of the Truth in Lending Act, breach of contract, and negligent misrepresentation among other causes of action.  You may review the allegations in the Amended Class Action Complaint in the Case Documents section below.

The SCRA requires that all debts incurred by service members of the armed services before being called to active duty are reduced to a 6% interest rate from the date of deployment through the period of active duty and that all financial institutions must forgive interest rates above 6%. Plaintiffs alleged that Chase Bank offered active duty military members more generous benefits than those required by the SCRA but then despite the requirements of the SCRA and its own beneficial contractual terms with active-duty customers, Chase Bank charged an illegally high interest rate and improper fees on debts of servicemembers. Those improper charges improperly inflated the total balance owed to Chase.

Practice Areas

Attorneys

Lynn Lincoln Sarko

Managing Partner