JP Morgan Chase
On November 19, 2012, U.S. District Judge Maxine M. Chesney granted final approval of a nationwide, $100 million settlement with JPMorgan Chase & Co, on behalf of over a million customers who had loans with Chase promising a fixed, low-interest rate with a 2% monthly minimum payment to apply “until the balance is paid in full.” According to the lawsuit, in November 2008 and June 2009, Chase unilaterally changed the terms of the loans by increasing the monthly minimum payment from 2% of the loan balance to 5% of the loan balance, more than doubling customers’ monthly payments.
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