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And yet one more class action lawsuit: Good for us, bad for Chase

I have been corresponding by email over the past few days with Kevin Rooney, who is an associate (attorney) with the Pinnacle Law Group LLP.   Earlier today we had the opportunity to have a conversation (which included one of the firm’s partners, Eric Farber).  Kevin informed me that his firm has been working in cooperation with Lieff, Cabraser, Heimann & Bernstein, LLP, and together they are involved with another class action lawsuit against Chase.   (I visited the Lieff site, and as class action attorneys, you may wish to know, dear reader, that this is a group of attorneys who can pack a wallop against an evil foe like Chase.)

Kevin was kind enough to send me a copy of the actual complaint, which you can see here on the site.  Looks like another good day for those of us who do not appreciate Chase’s actions!

In reviewing the document, I was most gratified to see passages addressing “bad faith.”  I am not an attorney, but I have written other posts about the concept of “good faith” versus “bad faith.”  Quoting from the document:

a covenant of good faith and fair dealing is implied into every contract” 

It would be impossible to write any contract of any kind that had meaning, without such an underpinning.  If I say I’m going to do something (like offer a promotional rate) knowing all along that I planned from the beginning to “rate-jack” customers (or in the instance of Chase, engage in some other mean-spirited ploy such as it has done by its use of a coercive minimum payment increase, forcing people to switch with no “opt out”), then this would be an example of “bad faith.”

If I was a lawyer (but, my wife says law school, or any more school period, is grounds for divorce; unless, I did something like win the lotto — then I can “do anything I want”), I could say “I told you so.”  However, please know that I am very satisfied with my role in this matter, which is to simply be who I am: a “regular guy” who happens to be a college professor (in a really fulfilling area: teaching students who have a desire to learn about entrepreneurship — they are our best real hope for America’s future), and someone who knows right from wrong.  “Good faith” is right; “bad faith” is wrong, and Chase deserves a boat-load of class members who will prevail as plaintiffs.

If I were to guess, I would predict that all of these firms that are filing class action lawsuits, and those of us who are committed to mounting a resistance in our own individual ways, working together, are going to teach Chase a lesson.  (In my present line of work, the idea of teaching lessons — preferably ones that are more positive in nature — appeals to me).

Like I said when I launched this site, in the form of a notice of change in terms of my own, directed to all abusive credit card companies: