JPMorgan Chase Class Action Settlement For Closed Accounts & Forfeited Points

JPMorgan Chase Class Lawsuit & Settlement

Direct link to settlement page

JPMorgan Chase has agreed to a $2.085 million settlement but accepts no wrong doing in a class action lawsuit where the plaintiffs alleged that Chase violated state common and statutory law when Chase forfeited rewards points upon Chase’s closure for credit card accounts.

Who is Eligible?

You are eligible if you were/are a Chase card member between June 2009 and present and had forfeited points pon the closure of their credit-card accounts for certain reasons, and were not given the chance to redeem their points after Chase closed their accounts.

You should receive an e-mail or mail from Chase if you’re eligible.

Our Verdict

This is pretty huge news, it’s hard to know how good this settlement is for consumers without knowing the size of the class action and the number or forfeited points. I’m hoping this sends a strong message to other card issuers (American Express) who have been engaging in similar practices. Chase also now gives you 30 days to redeem points before shut down.

If you’re in the situation where your points have been confiscated with other banks, it might be worth contacting the law firm Golomb & Honik, P.C as they are the ones that brought this action against Chase.

Hat tip to JTZ on DDF

 

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Simon
Simon (@guest_689193)
December 11, 2018 14:45

Recently I was completely shutdown by Bank of America and lost thousands of dollar of points. I hope to join some lawsuit against BoA and get some of my money back.

Seeu
Seeu (@guest_1659839)
July 25, 2023 15:54

Did you get your rewards money back? I am in the same boat

DJ
DJ (@guest_593017)
May 10, 2018 20:46

Received a check for the value of forfeited points. I also got a 1099-MISC along with it, but am not complaining.
@nycdpj

Haven
Haven (@guest_738802)
March 24, 2019 15:27
  DJ

Did they value the points at .01 a piece or less ?

paz
paz (@guest_551741)
January 17, 2018 22:39

Just saw this. I lost a few hundred dollars worth of UR points when my new Freedom card was not activated in time (after 18 months?) during that period. Wonder why I wasn’t considered eligible.

DJ
DJ (@guest_551735)
January 17, 2018 22:09

Got a mail today with the settlement amount. It also states that I need to execute a substitute form W-9 as the settlement amount is greater than $600.

The site listed is https://kccsecure.com/KCCKIOSK/W9/?CaseCode=JGA.

Looks like the site is legit as the details seem to tie out… Anyone else received this? Want to make sure I don’t enter personal info in a fake site.

DoC, if you remember, I am one of the few who had Chase accounts reinstated after almost 18 months of a complete shutdown. I lost all my points then, but only got my accounts reinstated (that was good enough to continue to be in the good books of Chase). This settlement is really good…

@nycdpj

Jason
Jason (@guest_329219)
December 19, 2016 17:41

2 millions, it is not hard to guess how much each person can get back. 50 states, an average 1000 per person per claim in one state you have 50000. 2 mil/50k = $40 on average.

Jason
Jason (@guest_329267)
December 19, 2016 18:53

Guess only. How many do you think in CA?

M
M (@guest_328900)
December 18, 2016 22:23

Yeah but Citi has sent everyone the same letters recently forcing arbitration, thereby taking away the right to sue, use class action or small claims court. You have to write in to opt out of arbitration. In other words, if you do nothing then arbitration is the only option. You think it’s a coincidence that Citi is sending all these letters now??

SanDiegoGirl
SanDiegoGirl (@guest_328663)
December 18, 2016 10:49

Wow. This is great news! Thank you for posting this.
I hope other CC companies like Citi, Barclays, BoA, Cap One and many others will be sued too for confiscating points.

Mser
Mser (@guest_328562)
December 18, 2016 02:03

2MM is all? Not even a rounding error for those assholes. $2 billion fine would be more appropriate

I was closed in 2013 and had points stolen. Then got back with a few non Chase cards late last year but was unceremoniously closed again a few weeks ago after my wife signed up for a checking promo.

Albrecht
Albrecht (@guest_328557)
December 18, 2016 01:37

Glad Chase is losing money for doing this. I got axed in 2007, all my accounts were closed and all the points (worth > $100) got lost unused. Doubt that they will remember me in this case, but they got me on “unsatisfactory relationship” blacklist for life.

korrinda
korrinda (@guest_328555)
December 18, 2016 01:24

Is there a similar case against Citi? They closed my accounts and confiscated all points.