A class action suit was filed on March 25 in the Superior Court of California for the County of San Bernardino against JP Morgan Chase Bank. A jury trial has been demanded on three counts: Unlawful Business Practice in Violation of California Business and Professional Code; False and Misleading Advertising in Violation of California Business and Professional Code; and Violation of the Consumers Legal Remedies Act, California Civil Code.
I just read the text of the suit, and it blew me away. Chase used their bait-and-switch technique to convince the Plaintiff (a long-term Chase customer in good standing and with an excellent credit history) to make a $10,000 balance transfer at 4.99% to a Chase account and then Chase raised the APR on the account to 28.99% the following month! Where have we heard this before?
The Los Angeles law firm handling this case is considering federal action and a large suit. I have asked the lawyer handling the case to create an email update list for interested parties and will continue to post notices to this site. I believe a consumer uprising against Chase is in order.
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