Better late than never does not apply to the class action lawsuit filed against JP Morgan Chase Bank.
Lead plaintiff Tina Bellino initiated the NY JP Morgan Chase class action lawsuit in May of 2014. According to court documents, Bellino alleges that when she completed payments for the mortgage issued for her home, defendant JP Morgan Chase Bank filed paperwork well after the due dates. The paperwork required to be filed with the county government verified the full payment of her mortgage. New York law mandates lenders must file mortgage paperwork within 30 days of the last payment. Bellino claims JP Morgan Chase took more than 40 days to file the paperwork.
After additional claims came in charging JP Morgan Chase with filing delinquent mortgage-related paperwork, a class action lawsuit soon followed to seek damages for up to $1,500 for each violation of New York law. Bellino also asserts the habitual filing of late mortgage-related paperwork can have a negative impact on the New York real estate market. Late paperwork can delay or prevent a home transaction, as well as “disrupt the entire system for transferring residential property in New York State.”
After several preliminary motions and mediation sessions, both the defendant and plaintiffs came to an agreement to settle the class action lawsuit. The court approved the class action settlement in May of 2017. JP Morgan Chase continues to deny the allegations, but the company settled the class action lawsuit to avoid the costs associated with litigation.
What You Need To Know
According to class counsel, eligible class members “include all persons who had a recorded, Chase-serviced mortgage on a residential property in New York State for which all amounts due were paid between May 1, 2011 and Nov. 7, 2016, and for which a certificate of discharge or satisfaction of mortgage was not presented within 30 days to the relevant county recording officer.” The potential award is as high as $750 depending on the legal obligations of JP Morgan Chase. To learn where you stand as an eligible class member to receive compensation, visit the class action settlement website www.NYMortgageSettlement.com.
Claimants must file a valid and timely class action settlement claim form and any additional requested information by September 25, 2017. The judge for the case officially named Tina Bellino v. JPMorgan Chase Bank NA, Case No. 14-cv-3139, in the U.S. District Court for the Southern District of New York has scheduled the final hearing on November 9, 2017.
Todd S. Garber and D. Gregory Blankinship from Finklestein Blankinship FreiPearson & Garber represent the class counsel in the class action settlement. Christian J. Pistilli of Covington & Burling LLP offers defense counsel for JP Morgan Chase Bank.
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