Chase Credit Card Servicers Escape Usury Suit in New York

Christel Deskins

Law360 (September 22, 2020, 9:53 PM EDT) — A federal judge in Buffalo threw out a suit accusing two non-bank entities associated with JPMorgan Chase Bank of violating a New York law capping the interest rates banks can lend at, finding that both the National Banking Act and guidance from the […]

Law360 (September 22, 2020, 9:53 PM EDT) — A federal judge in Buffalo threw out a suit accusing two non-bank entities associated with JPMorgan Chase Bank of violating a New York law capping the interest rates banks can lend at, finding that both the National Banking Act and guidance from the Office of the Comptroller of the Currency supported dismissal of the matter.

In his Monday decision and order, U.S. District Judge Lawrence J. Vilardo sided with U.S. Magistrate Judge Jeremiah J. McCarthy, who in January issued a report and recommendation urging dismissal of plaintiff David Petersen’s suit against Chase Card Funding LLC and Chase Insurance Trust.

“Petersen’s state-law usury claims…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Next Post

Why ‘head of remote’ is likely to be a job title of the future

Murph’s job title — “head of remote” at the open-source software firm GitLab, which has been all-remote since 2011 — is not a common one. But the 36-year-old former tech editor and communications adviser believes it will soon become much more so. “I think it will have to,” said Murph, […]