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.
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.
Did you get your rewards money back? I am in the same boat
Received a check for the value of forfeited points. I also got a 1099-MISC along with it, but am not complaining.
@nycdpj
Did they value the points at .01 a piece or less ?
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.
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
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.
Where are you getting those numbers from?
Guess only. How many do you think in CA?
I have no idea
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??
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.
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.
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.
Is there a similar case against Citi? They closed my accounts and confiscated all points.