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July 28, 2006

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.

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