JPMorgan's $2.5M Home Equity Credit Line Deal OK'd

Law360, New York (November 16, 2012, 3:54 PM EST) -- A California federal judge on Tuesday signed off on a $2.56 million class settlement by JPMorgan Chase Bank NA, ending claims that it improperly suspended homeowners' home equity lines of credit when it took over Washington Mutual Bank NA.

U.S. District Judge Lucy H. Koh granted final approval to the settlement, which allows for $1.87 million to be split among the 23,000-strong class, $613,000 — 23.9 percent of the total — to go class counsel Edelson McGuire LLC, and $10,000 to go to class representatives Jeffrey...
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