JPMorgan Dodges Class Cert. Over Mortgage Refi Offers

Law360, New York (April 8, 2014, 10:22 PM EDT) -- A California federal judge on Monday denied class certification in a suit against JPMorgan Chase Bank NA alleging the bank falsely represented a mortgage refinance offer that caused borrowers' credit scores to slide.

U.S. District Judge George H. King found that named plaintiff Maclovia Duarte didn't suffer actual damages when her credit score fell after she accepted a mortgage refinance offer from JPMorgan in 2011, and said the plaintiff also was not an adequate representative of the class.

“Plaintiff asserts that actual damage can be established on a classwide basis because the inevitable consequence of defendant’s alleged negative reporting — impaired credit...

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