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Preliminary Settlement Reached in Lawsuit Between JPMorgan Chase and Military Families

New York, NY: JPMorgan Chase (NYSE: JPM) and U.S. Marine Corps Capt. Jonathon Rowles announced today that they have agreed to resolve a class action lawsuit over financial protections due military customers under the Servicemembers Civil Relief Act (SCRA). This settlement follows the recent announcement of several new Chase programs to help military and veteran customers.

Under the terms of the class action settlement, which is pending court approval, Chase will make $27 million in benefits available to Chase's military customers. The firm will pay $12 million to the class and set aside $15 million for additional damages on a case-by-case basis as determined by a Special Master. Any remaining funds will be used to benefit military members, veterans and their families. To date, Chase has issued $6 million in payments to borrowers who were overcharged. Chase will also provide an estimated $6.4 million in additional benefits to borrowers who may have been subjected to wrongful foreclosure practices.

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Last updated on Apr-21-11