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.
