Chase Escapes Mortgage Interest Rate Class Action

Law360, New York (August 17, 2012, 3:55 PM EDT) -- A California federal judge on Thursday dismissed as time-barred claims for unfair business practices and fraud brought against JPMorgan Chase Bank NA by homeowners who said they'd been duped into paying higher interest rates on their adjustable-rate mortgages.

U.S. District Judge John A. Kronstadt had granted the plaintiffs — a class of up to 28,000 borrowers — leave to amend their original complaint in January to include a basis for tolling the four-year statute of limitations on their claims. But they failed to plead sufficient facts...
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