Duncan v. JP Morgon Chase settlement payment. Should I take it?

[crittermom]

I'm not. We're being victimized once again!

I received my notification of this settlement, & qualify.
I went to the site & read all about it.
I then called one of the attorneys representing "us" in this lawsuit as there is one point I have a BIG issue with in it & he confirmed my belief.

While this settlement is the largest of it's kind at $8,750,000 & that sounds like a lot of money, we the victims won't be getting it. Here's how it pans out:

Ms Duncan, the lady who filed this class action, is to get no more than $10,000.

The lawyers representing us victims get no more than a third. (That could be as much as $2,651,515 if my math is correct. That's $2+Million).

So where does the rest of the MILLIONS go?

To notify us that Chase screwed us!

Yes, the money for the 800#, the mailings, the website (which isn't currently working, but was before--how convenient for Chase?) comes out of the SETTLEMENT money. OUR money.
WE are paying for Chase to notify us!

I confirmed that with one of the attorneys on this case, which is why I called him.
He admitted I was right that we the victims are paying for them to notify us, but said this was the "best they could do".

He also said each claimant could get "as much as $100" from this settlement. Wow.
A whopping $100? Depending on how many file, of course. I suspect it'll be close to half that amount. That was the high end of what each could receive.

No, thanks. My principles are worth more than that. Are yours?
Are you willing to pay for Chase to notify us they screwed us? That's just an insult to me. THEY should be paying for it!
The fact we're being forced to pay & receive virtually nothing in return is victimizing us all over again, IMO.

Chase put forced-place insurance on my home--twice--in my name a year after stealing my home of 20 years.
They kept the home in my name for over 3 years after stealing it & selling it at auction to Freddie Mac, who sold it the following year on the open market (for less than half the amount of the loan I was current in making my modified payments on when they began sending back my payments & took it, instead!).

A foreclosure defense attorney would've cost me almost double what I owed on my humble home of 20 years, so I lost it all.

I have continued to receive correspondence from Chase even as recent as 2015 (they stole my home in 2011).
I had filed BK after they stole it.
Yes, they violated the FDCPA by continuing to access my info & use my name. That's what this lawsuit is about. (And it's not mentioned, but why do ya think they did that? Because they made yet more money by using our names in such fashion. It's all about money, don't ya know).

I'm a divorced female turning 65 who lost everything of a lifetime (illegally) to these banksters.
No, I have no money to pursue this on my own & could certainly use even $50------but my principles are worth more than that!

To quote part of the wording on the settlement/claim form I received, "The Court has not decided which side is right, and Chase denies any liability or wrongdoing. However, to settle the case and avoid the costs and risk of litigation..."
Get that? "the risk of litigation"?

The work has already been done. It has been proven (tho' Chase denies any wrongdoing, as usual).
I would much rather see it taken to court before a jury than to settle for this pittance, giving up all rights to sue them for this in the future.

So in answer to your question it really gets down to your principles.
How cheaply can yours be bought?

 

[crittermom]

What is the name of your state (only U.S. law)? New Jersey

I received a notification from Chase FCRA Settlement Claims Administrator saying that Chase allegedly obtained my credit report unlawfully and I may be part of a settlement in the Duncan v. JP Morgan Chase Bank case. It seems like a win since I wasn't even aware of the situation. However, I want to know how serious is this lawsuit. If I submit a claim I can no longer sue. Therefore, is it wise to refuse the settlement and sue? Chase is denying liability and wrongdoing, hence the settlement. Can anyone give me advice?

I just joined this site in order to respond to your question. Please read my response (#16, next page).

 

[quincy]

I received my notification of this settlement, & qualify.
I went to the site & read all about it.
I then called one of the attorneys representing "us" in this lawsuit as there is one point I have a BIG issue with in it & he confirmed my belief.

While this settlement is the largest of it's kind at $8,750,000 & that sounds like a lot of money, we the victims won't be getting it. Here's how it pans out:

Ms Duncan, the lady who filed this class action, is to get no more than $10,000.

The lawyers representing us victims get no more than a third. (That could be as much as $2,651,515 if my math is correct. That's $2+Million).

So where does the rest of the MILLIONS go?

To notify us that Chase screwed us!

Yes, the money for the 800#, the mailings, the website (which isn't currently working, but was before--how convenient for Chase?) comes out of the SETTLEMENT money. OUR money.
WE are paying for Chase to notify us!

I confirmed that with one of the attorneys on this case, which is why I called him.
He admitted I was right that we the victims are paying for them to notify us, but said this was the "best they could do".

He also said each claimant could get "as much as $100" from this settlement. Wow.
A whopping $100? Depending on how many file, of course. I suspect it'll be close to half that amount. That was the high end of what each could receive.

No, thanks. My principles are worth more than that. Are yours?
Are you willing to pay for Chase to notify us they screwed us? That's just an insult to me. THEY should be paying for it!
The fact we're being forced to pay & receive virtually nothing in return is victimizing us all over again, IMO.

Chase put forced-place insurance on my home--twice--in my name a year after stealing my home of 20 years.
They kept the home in my name for over 3 years after stealing it & selling it at auction to Freddie Mac, who sold it the following year on the open market (for less than half the amount of the loan I was current in making my modified payments on when they began sending back my payments & took it, instead!).

A foreclosure defense attorney would've cost me almost double what I owed on my humble home of 20 years, so I lost it all.

I have continued to receive correspondence from Chase even as recent as 2015 (they stole my home in 2011).
I had filed BK after they stole it.
Yes, they violated the FDCPA by continuing to access my info & use my name. That's what this lawsuit is about. (And it's not mentioned, but why do ya think they did that? Because they made yet more money by using our names in such fashion. It's all about money, don't ya know).

I'm a divorced female turning 65 who lost everything of a lifetime (illegally) to these banksters.
No, I have no money to pursue this on my own & could certainly use even $50------but my principles are worth more than that!

To quote part of the wording on the settlement/claim form I received, "The Court has not decided which side is right, and Chase denies any liability or wrongdoing. However, to settle the case and avoid the costs and risk of litigation..."
Get that? "the risk of litigation"?

The work has already been done. It has been proven (tho' Chase denies any wrongdoing, as usual).
I would much rather see it taken to court before a jury than to settle for this pittance, giving up all rights to sue them for this in the future.

So in answer to your question it really gets down to your principles.
How cheaply can yours be bought?

Thank you for providing that information, crittermom. It points out nicely one of the problems with class action suits. Unless you are one of the named plaintiffs in the suit, you may be entitled (as part of the class) to only a few dollars out the amount that may be awarded against the defendants.

What a class action does is holds the entity accountable for what they have done, however. The money that is awarded in a class action is not so much to pay back the individuals who have been harmed as to punish the entity that has harmed them and to make them "clean up their act" so no others will be hurt by their actions.

Although being a named plaintiff in a class action (being the "face" of the suit) will allow that person to collect more of the award, the plaintiff must also be willing to give up a great deal of their privacy and devote what can be years to the lawsuit. Not everyone wants to, or can, make themselves available as needed for all of the court proceedings.

Everyone who qualifies as a member of the class action can always opt out of the class action and pursue an individual suit, if they feel the harm they have suffered is great enough to support what is generally a very costly action. Most people will simply decide to become an unnamed member of the class and collect whatever amount of money may come their way.