Chase Says Borrowers Can't Get Damages In Loan Rate Suit

Law360, Los Angeles (September 16, 2013, 4:54 PM EDT) -- JPMorgan Chase Bank NA on Monday urged a California federal judge to toss the remaining claim in a class action alleging it duped homeowners into paying higher interest rates on their mortgages, saying the plaintiffs aren't entitled to restitution under California's Unfair Competition Law.

In a motion for summary judgment, Chase argues that restitution, the UCL's only monetary remedy, is not available to a class of up to 28,000 borrowers because named plaintiffs Barbara Schramm and Steven Weinstein have failed to present any evidence that they...
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