Sunday, November 20, 2011

JP Morgan Chase Bank settles Kardonick Credit Protector suit for 20 million dollars.

What is interesting about the Kardonick vs JPMorgan credit protector settlement is that it apparently does not actually accuse Chase Bank's credit protector program of improper pricing structure. It appears that the settlement has more to do with deception, difficulty actually collecting on the policy, not being able to cancel the policy, being signed up without proper approval, and so on.

The lawsuit does not appear to actually address the amount of money that Chase Bank took in versus what they paid out. So while this is kind of amazing that there are so many other aspects of credit protector that are lawsuit worthy, there still may be much bigger lawsuits to file against the credit protector program.

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