JPMorgan Chase Settles Credit Card Arbitration Suit

By Tina Peng

Law360, New York (November 20, 2009, 4:07 PM ET) -- JPMorgan Chase & Co. is the first defendant to reach a settlement in a class action accusing it and other credit card companies of conspiring to force cardholders into arbitration to settle disputes, according to representatives for the plaintiff.

The settlement has yet to be filed in the U.S. District Court for the Southern District of New York, according to Merrill G. Davidoff of Berger & Montague PC, which represents the plaintiffs.

Under the terms of the tentative settlement, Chase will drop its cardholder arbitration clause...
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