Case Accusing Chase, Others of Conspiring on Arbitration Clauses is Partially ... PR Newswire (press release)
PHILADELPHIA, Nov. 20 /PRNewswire-USNewswire/ -- Berger & Montague, P.C. announces a experimental settlement with JPMorgan Chase and related companies that partially resolves a four-year-old lawsuit accusing Pursue and other credit card companies of having unlawfully conspired to require their cardholders to arbitrate disputes, including in financial difficulty collections. The settlement is subject to court approval. The lawsuit is pending in the United States District Court for the Southern Ward of New York, as Ross, et al. v. Bank of America, N.A., et al. , No. 05-cv-7116 and was brought as a part of In re Currency Conversation Fee Antitrust Action , MDL No. 1409, also in the same court.
Under the terms of the tentative settlement, Chase will drop its cardholder arbitration clause for a lowest of three and one-half years beginning in 2010. Chase will also immediately cease enforcing its existing arbitration clauses against its cardholders. Track has further agreed not to "contract, combine or conspire" with any other credit card company concerning arbitration. Finally, Chase will erect a payment toward statutory attorneys' fees, costs and expenses. In exchange, if approved by the Court, Plaintiffs will hand out Chase from any liability stemming from the insertion of its arbitration clause into its cardholder documents. Chase will not be released for claims stemming from solid arbitration proceedings pursuant to the clause. Chase has denied all allegations of wrong doing.
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