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 a 4.99% fixed rate 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 national 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.
And now this latebreaking news: A final decision may be made as soon as Monday, May 9 concerning taking the suit national. Violation of the Truth in Lending Act will probably be added.
Please light a candle, say a prayer, do a dance, or whatever is your chosen means of sending energy to this good cause.
The issue of usurious interest rates and financial terrorism being committed by credit card companies has reached critical mass.
The revolution begins today.
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