Chase Pays $56M To End Military Foreclosure Suit

Law360, New York (April 22, 2011, 6:38 PM EDT) -- A JPMorgan Chase & Co. mortgage unit on Thursday lined up a $56 million settlement that ends a class action in South Carolina over its aggressive mortgage and foreclosure practices against active members of the military.

Seeking to make peace with a class of 6,000 service members, Chase Home Finance LLC agreed to provide $27 million in cash payments, $8 million in attorneys’ fees and other relief to resolve allegations the bank trampled the Servicemembers Civil Relief Act. The bank also agreed to return homes that...
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