Investigation and pending class action against JPMorgan Chase Bank.
This class action lawsuit is based upon several customers who purchased a home loan from JP Morgan Chase and were charged unwarranted and illegal fees at closing. Specifically, customers were forced to pay JPMorgan Chase at the real estate settlement and closing a "post closing" or "post closing review" fee of approximately $225- $275. The "post closing" fee does not represent a valid settlement service and bears no reasonable relationship to any settlement services actually performed by Chase. Chase fails to provide adequate disclosures to consumers concerning this fee. Chase does not inform consumers how the amount of this fee is calculated, what services Chase purportedly will provide which entitled it to collect from consumers the post closing fee of approximately $225-$275 per mortgage, or whether any settlement services actually are performed for the consumer in exchange for this fee.
The post closing fee is nothing more than a means for Chase to generate unearned fees from consumers at the time of the real estate settlement and closing.
Name (Stock Symbol)
JPMorgan Chase & Co. (JPM)
JPMorgan Chase & Co., a financial holding company, provides a range of financial services worldwide. It operates in six segments: Investment Bank, Commercial Banking, Treasury & Securities Services, Asset Management, Retail Financial Services, and Card Services.
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