Consumer Fraud Suit Filed Against JPMorgan Chase
A consumer fraud class-action lawsuit has been filed in US District Court. The suit claims that JPMorgan Chase uses false documents to misrepresent itself as having standing in bankruptcy cases. Rather than pay the fees associated with proving the succession of ownership, Chase just creates its own documents. Some of these alleged “false document” filings may have directly effected Atlanta homeowners.
Initially, the case began with one client but turned into a class action suit when a pattern was seen in cases where chase was involved. Oddly enough, Chase is the rightful owner of the loan, but the bank just doesn’t want to spend the money and time needed to confirm it.
Most of the time Chase has legal standing in bankruptcy court. However, the bank doesn’t spend the money to prove their authority to act. Thus not allowing individuals their chance in court, by using counterfeit affidavits, endorsements, deeds, and other certificates to prove its rights as a lender in numerous bankruptcy cases.
The false documents transfer responsibility for the loss to the bondholder. Compensatory, punitive, and statutory damages are being sought for unfair and deceptive trade, “an order vacating all bankruptcy orders, claims and awards granted based on Chase’s misrepresentation and deceptive business practices.”