Chase Escrow Interest Litigation

Case Name: Cymbalista, v. JPMorgan Chase Bank, N.A.       
Court:            United States District Court for
                         the Eastern District of New York
Status:           Settled
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JPMorgan Chase Escrow Interest Settlement
Tusa P.C. is pleased to announce that on November 22, 2021 the United States District Court Eastern District of New York granted preliminary approval of Class Action Settlement between a Settlement Class represented by Tusa P.C., Giskan Solotaroff & Anderson, LLP and Leiff, Cabraser, Heimann & Bernstein, LLP. The Court’s Order adopted a May 25, 2021 Report and Recommendation by the Court recommending preliminary approval. Members of the Settlement Class include persons who have or had mortgage loans serviced by JPMorgan Chase that were secured by homes in Connecticut, Maryland, Minnesota, New York, Rhode Island or Wisconsin and who claimed to be owed interest on monies held by JPMorgan Chase in escrow accounts related to their loan.
The Settlement Agreement requires JPMorgan Chase to pay $11.5 million and pay the interest on escrow accounts required by applicable state laws in the Connecticut,
Maryland, Minnesota, New York, Rhode Island and Wisconsin for approximately 3 years. 
Questions about the Settlement can be directed to the Settlement Administrator at 855-786-1046, by visiting the Settlement website: http://www.InterestOnEscrowSettlment.com, by contacting Tusa P.C at www.tpcnylaw.com, info@tpcnylaw.com or at 631-407-5100.

 
  • The complaint filed by Tusa P.C. and its co-counsel against JPMorgan Chase Bank (Chase) alleges that neither Chase nor loan servicing affiliates do not pay interest on borrowers' mortgage escrow accounts, even in the States that require interest to be paid.  The case alleges that Chase must pay escrow Interest in the following States:  California, Connecticut, Iowa, Maine, Massachusetts, Minnesota, New Hampshire, New York, Oregon, Rhode Island, Utah, Vermont and Wisconsin.
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View the Complaint

News:
Press Release (November 23, 2021)
Chase Agrees To Pay $11.5M To End Escrow Interest Suit (Law360, April 12, 2021)
Press Release (May 7, 2020)

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