New York, NY: A nationwide settlement has been reached in a class action lawsuit claiming that JPMorgan Chase Bank, N.A. (“Chase”) improperly suspended or reduced home equity lines of credit (HELOCs) based on its determination that the properties securing the HELOCs significantly declined in value.
Entitled In Re: JP Morgan Chase Bank Home Equity Line of Credit Litigation, the CHASE HELOC settlement includes current and former Chase HELOC customers whose accounts were suspended or reduced by Chase between January 1, 2007 and September 30, 2012 based on Chase’s determination that the property securing the HELOC significantly declined in value.
A subclass of plaintiffs is also included in the settlement. This subclass includes anyone who, as of September 30, 2012, had closed their HELOC account during the time their account was still suspended or reduced, due to the determination by JP Morgan Chase Bank that their property value had declined significantly.
The class action lawsuit alleges Chase violated the Truth-in-Lending Act and violated customers’ HELOC Agreements and consumer protection laws by suspending or reducing their HELOCs even though their property did not significantly decline in value.
For complete information on the settlement visit: ChaseHELOCSettlement.com.