The distribution of settlement payments to class members commenced on November 12, 2020, facilitated by the Administrator. Payments were issued via checks deposited with the U.S. Postal Service or through electronic funds transfers.
Please note that confirming individual payment methods or addressing payment amount inquiries is beyond our capacity. We appreciate your patience in allowing sufficient time for the Postal Service to complete deliveries and the Administrator to finalize electronic transfers.
Settlement checks were dispatched to eligible individuals on November 12, 2020. It’s important to remember that eligible individuals did not need to file a claim to receive settlement benefits. The claims program related to this settlement has now concluded.
Overview of the Case
The lawsuit originated in 2016 when Plaintiffs initiated a case on behalf of themselves and a broader class, alleging breaches of the Servicemembers Civil Relief Act (“SCRA”), Truth in Lending Act violations, contract breaches, and negligent misrepresentation, among other grievances. The specific allegations can be found within the Amended Class Action Complaint located in the Case Documents section.
The SCRA mandates that debts incurred by service members before active duty be subject to a reduced interest rate of 6% from deployment to the end of active duty. It further stipulates that financial institutions must waive interest rates exceeding 6%. The Plaintiffs contended that Chase Bank provided active-duty military personnel with benefits exceeding SCRA requirements. However, despite SCRA regulations and the bank’s own beneficial contractual agreements with active-duty customers, Chase Bank allegedly imposed illegally inflated interest rates and unwarranted fees on service members’ debts. These improper charges led to an inflated overall balance owed to Chase.
