Chevy Chase Bank Settles Credit Card Lawsuit for $16.1 Million

Chevy

Chase Bank Settles Credit Card Lawsuit for $16.1 Million

According to the Washington Post, Chevy

Chase Bank has agreed to settle for $16.1 million a class

action lawsuit stemming from allegations that are now over ten

years old. Chevy Chase customers had alleged that the bank raised

interest rates above a ceiling that the bank itself promised.

Chevy

Chase also promised to do what it could to fix the credit histories

of cardholders who may have had negative information added due

to its practices.

Unfortunately,

due to the time between when the suit was brought and when it

was settled, finding those who are due some money could be tough.

A toll-free number and Web site will be set up for those wanting

to make a claim, but inevitably some will not be found.

Published 07/28/06 (Modified 05/07/12)