$2M Deal OK’d Between JPMorgan Unit And NJ Borrowers

Law360, New York (July 22, 2014, 4:09 PM EDT) -- A New Jersey federal judge has approved a roughly $2.25 million settlement between a JPMorgan Chase & Co. subsidiary and a class of consumers who alleged the company charged them late fees on their mortgage payments even when they were on time.

In an order filed on Friday but made public Tuesday, U.S. District Judge Esther Salas granted preliminary approval to the settlement agreement, which will see EMC Mortgage Corp. pay all participating class members a "substantial portion" of the amount of late fees that the...
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