I received a notice in the mail printed on a piece of cardstock smaller than a postcard informing me of a class action lawsuit against Chase. The notice is addressed to Chase credit card holders who were enrolled in a payment protection product between September 1, 2004, and November 11, 2010.
The lawsuit, Kardonick v. JPMorgan Chase & Co., is about whether Chase engaged in "breaches of contract, unfair and deceptive practices, and other wrongdoing" regarding its payment protection products. The lawsuit says that Chase unilaterally enrolled cardmembers in the program without explaining it to them, and that it was difficult to claim benefits or to unenroll.
Chase has not admitted wrongdoing but has created a $20 million settlement fund. There are three levels of potential payouts depending on a customer's level of interaction with the service: $60, $30 or $15 before fees and expenses.
The card provides instructions on how to opt-in and file a claim for money, opt-out and exclude oneself from the settlement, or object to the settlement. You must fill out a claim form by TODAY, August 8, to receive a payment. You can make one of these choices and learn more about the case at KardonickSettlement.com.
The key piece of data you will have to provide on the claim form is "Last four digits of ANY of your Chase credit card accounts that were enrolled in a Payment Protection Product at some time between September 1, 2004 and November 11, 2010."
Since I am not sure if, when, or with what card I might have been enrolled in such a program, I'm going to do nothing. But if you feel like you were wronged by Chase's payment protector product, feel free to opt in, and make sure you do it today.