Back To Robo-Signing! JPMorgan Chase Unleashes Familiar Lawsuit Blitz On Its Credit Card Customers

  • Despite Chase’s CEO Jamie Dimon attempting to appear sympathetic about the struggles that indebted citizens face during a global pandemic, Chase has resumed suing its customers after a nearly decade-long pause.
  • Back in 2015, Chase “filed lawsuits and obtained judgments against consumers using deceptive affidavits and other documents that were prepared without following required procedures,” the Consumer Financial Protection Bureau concluded.
  • Chase employees signed affidavits “without personal knowledge of the signer,” a practice commonly known as “robo-signing,” which often overstated what customers owed.

Patrick Rucker, The Capitol Forum from Propublica writes:

“Early in 2020, as the pandemic gripped the nation, JPMorgan Chase offered to help customers weather the crisis by taking a temporary pause on mortgage, auto and credit card payments. Chase’s CEO, Jamie Dimon, sounded sympathetic about a year later as he offered broader reflections on what was ailing the country. “Americans know that something has gone terribly wrong,” he wrote in a letter to shareholders. “Many of our citizens are unsettled, and the fault line for all this discord is a fraying American dream — the enormous wealth of our country is accruing to the very few. In other words, the fault line is inequality.”

But even as those words were published, the bank had quietly begun to unleash a lawsuit blitz against many of its struggling customers. Starting in early 2020 and continuing to today, Chase has filed thousands of lawsuits against credit card customers who have fallen behind on their payments.

Chase had stopped pursuing credit card lawsuits in 2011, in the wake of the last major economic downturn, after regulators found that the company was filing tens of thousands of flimsy suits, sometimes overstating what customers owed…”

See full story here.



Categories: Business, Economy

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