Chase To Pay $100M To Exit Credit Card Loan MDL

Law360, New York (July 23, 2012, 10:39 PM EDT) -- Chase Bank NA on Monday agreed to fork over $100 million to end multidistrict litigation accusing it of improperly jacking up minimum monthly payments on loan balances that were transferred to users’ credit cards.

The settlement amount, which the plaintiffs called an “excellent result,” represents about half of the up-front transaction fees the class members originally paid for certain promotional credit card loans, according to the plaintiffs’ motion for preliminary approval.

“The named plaintiffs ... believe the settlement to be in the best interests of the class...
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