JPMorgan Settles Reward Points Class Action For $2M

Law360, Los Angeles (October 6, 2016, 10:42 PM EDT) -- JPMorgan Chase & Co. has agreed to pay $2 million to settle with a proposed class of customers that claims the bank abruptly shut down their credit card accounts, leaving them unable to redeem the rewards points they had collected, according to papers filed in New York federal court Thursday.

Customer Harry Gao had accused the bank of closing his Chase Freedom credit card account seemingly randomly in July 2013 even though he hadn't missed a payment, and of not allowing him to redeem the rewards he'd diligently collected over the two years he held the account, court records show....

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