Chase Card Interest Case In Peril After Dismissal Endorsed

Law360 (January 23, 2020, 10:02 PM EST) -- A New York federal judge has given his thumbs-down to a Chase credit card holder's proposed class action that banking industry groups have warned could upend trillions of dollars in asset-backed securitizations, concluding that the state-law usury claims at issue in the case are preempted.

In a Wednesday report, U.S. Magistrate Judge Jeremiah McCarthy recommended dismissal of David Petersen's suit targeting Chase Card Funding LLC and two other entities involved with JPMorgan Chase Bank NA's credit card securitizations.

The case accuses the trio of breaking New York law by receiving interest from Chase credit card holders at rates above the state's...

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