CRESSKILL, N.J., July 26, 2012 /PRNewswire/ -- JP Morgan Chase has finally settled a three year old lawsuit for $100 million. However, disbursement of settlement funds to plaintiff's attorneys will likely take numerous months. RD Legal Funding, LLC ("RD Legal") is positioned to offer plaintiff's attorneys with JP Morgan Chase settlements immediate legal funding once settlement amounts have been preliminarily approved.
The case, formally known as In Re: Chase Bank USA NA "Check Loan" Contract Litigation, was brought by consumers who accused the bank of raising their minimum monthly payments from 2% to 5%. This occurred in 2008 and 2009, during the depths of the recession. The plaintiffs claimed JP Morgan convinced them to move balances from other lenders and consolidate them into Chase card accounts. The bank then gave them an ultimatum to pay the higher minimum payments or get stuck with late payment fees. The bank also exercised the option of closing low performing accounts if cardholders did not agree to the first two options.
This settlement is the latest in a long line of class action lawsuits Chase has settled. It is scheduled for a preliminary approval hearing by U.S. District Court Judge Maxine Chesney on Friday, August 3rd. Chase, along with Visa and MasterCard, also recently settled a $6 billion lawsuit from retailers about swipe fees on both debit and credit cards and allegations of collusion with other lenders to set fee prices.
Upon preliminary approval, RD Legal will be offering interim post-settlement funding to plaintiff's attorneys with JPMorgan Chase settlements. Because it will likely take many months for final payout to occur, RD Legal's proprietary Fee Acceleration program is the perfect solution when the settlement process creates delays in payment.
Legal funding does not require any kind of payments until the fee is paid; there are no monthly interest or principal payments, nor are there any upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within days. RD Legal provides personalized service, quick turnaround, and has been a leader in the settlement funding space since 1997. Call them at 1-800-565-5177 to speak with an attorney funding specialist, or visit http://www.legalfunding.com for more information.
SOURCE RD Legal Funding