Robert Green, of Green Welling LLP, contacted me several days ago to let me know that his firm was in the midst of filing another class action lawsuit against Chase. After speaking with him on the phone, I agreed to do all that I could to assist relative to posting information on this site, as soon as it became available to me.
This suit has now indeed been filed in Oregon, with co-counsel, Stoll Stoll Berne Lokting & Shlachter PC. I also have a copy of the actual lawsuit:
Quoting from the complaint, the following excerpts specify the nature of the case (and with a “jury trial demanded,” once again, Chase spokespeople would be unable to “spin” this their own way as they have with contorted, truncated, misleading sound bites released to the media):
This class action seeks to remedy a carefully-calculated effort by Defendant Chase Bank USA, N.A. (“Chase”) to force customers to pay higher interest rates.
Chase reneged by placing a $10 per month finance charge on these accounts, and raising the minimum payment due each month. Chase then uses its unilateral implementation of these onerous terms to coerce cardholders to agree to a higher rate of interest or to pay the loan balances in full.
The “Important Notice Regarding Changes to Your Account Terms “falsely states that, “Your APRs will not be impacted by these changes.”
Chase unilaterally, unfairly and illegally changed the terms of the loans, increasing their effective interest rates. Chase increased the interest rates and minimum monthly payments on these accounts in an attempt to unfairly accelerate repayment of outstanding balances and to increase immediate revenues.
Chase customers have been damaged by, inter alia, having to pay interest accrued at higher rates than Chase promised would govern for the life of the loan or by being presented with false information about their options.
[Chase is] breaching its loan agreements with customers and violating common and statutory law prohibiting false advertising and unfair and fraudulent business practices.
[Chase is] in violation of the Truth in Lending Act, 15 U.S, C. § 1601 et. seq. (“TILA”).
We at ChangeInTerms.com couldn’t agree more with these plaintiffs and their attorneys: Chase and fraud, Chase and falsely, Chase and carefully-calculated, Chase and onerous terms, and Chase and coerce – these descriptions all seem consistent with the way impacted account holders (upon whom Chase “aimed” its change in terms notice) are probably feeling about now.
For more information, contact:
Green Welling LLP
595 Market Street, Suite 2750
San Francisco, California 94105