JPMorgan Can't Nix Unfair Competition Claim In Loan Rate Suit

Law360, New York (October 3, 2013, 2:19 PM EDT) -- JPMorgan Chase Bank NA on Wednesday failed to persuade a California federal judge to toss a state Unfair Competition Law claim in a class action accusing it of defrauding homeowners into paying higher interest rates on their mortgages.

U.S. District Judge John A. Kronstadt denied the banking giant’s August summary judgment motion, rejecting its argument that named plaintiffs Barbara Schramm and Steven Weinstein don’t have standing to bring the claim. JPMorgan had based this on its argument that plaintiffs had not shown sufficient economic injury or...
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