Chase Forced to Defend Class Action by Troops on Loan Gouging

Chase Bank USA will have to face a certified class action alleging it charged an illegally high interest rate and improper fees on the debts of thousands of servicemembers, a federal court said July 2.

Whether Chase complied with the Servicemembers Civil Relief Act and its own SCRA policy are questions common to all class members, Judge Terrence W. Boyle wrote for the U.S. District Court for the Eastern District of North Carolina.

The class includes more than 100,000 accounts held by customers who should have received reduced interest and fee benefits because of their military service.

The SCRA requires ...