For distribution via OJAG
LT Rebecca M. Oldfield-Frey
JP Morgan Chase has become involved in a class action suit involving Servicemembers, the subject of which is an incorrect calculation of the 6% interest rate cap under the SCRA (Servicemembers Civil Relief Act). The suit also involves between 10 and 20 houses of Service members that were improperly foreclosed on in violation of Section 533 of the SCRA, which includes prevention of foreclosures on property owned prior to entering military service without a valid court order.
JP Morgan Chase has identified about 4000 Servicemembers adversely affected, and they have already begun to mail out refund checks to the total tune of $2M (an average of $500/servicemember).
They have also begun to provide remedies to those who were improperly foreclosed on. The bank actually actually bought back 10 or 12 or so of the foreclosed houses and gave them back to the servicemembers. They are working to provide appropriate remedies to the others.
They have passed along this customer service number for members of the military who may have an issue with JP Morgan Chase:
The story regarding the lawsuit can be viewed at: