Supreme Court Takes Case On Credit Card Rate Hikes

Law360, New York (June 21, 2010, 2:14 PM EDT) -- The U.S. Supreme Court said Monday that it would hear a class action over whether Chase Bank USA NA violated the Truth In Lending Act by failing to notify credit-card holders before raising interest rates over late payments or defaults.

The plaintiffs in the case accuse Chase of violating the Truth in Lending Act by retroactively increasing interest rates on credit cards dating back to the beginning of a payment cycle.

According to Chase, the company informed consumers in their credit card agreements that it could...
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