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.
