A proposed settlement has been reached in a Telephone Consumer Protection Act class-action lawsuit against JPMorgan Chase after the financial services company was accused of continuing to make robocalls to collect on mortgages and home equity lines of credit after individuals had orally revoked consent.
Under the terms of the settlement, JPMorgan would pay $2.25 million to a class that is estimated to exceed 242,000 people.
A copy of the proposed settlement can be accessed here.
The statutory penalty for each TCPA violation is $500 unless the violation is deemed to be willful, under which the penalty is $1,500. JPMorgan was facing fines in excess of $121 million if it had called each of the individuals in the class once.
The two named plaintiffs in the case would receive $5,000 each. The lawyers representing the plaintiffs are requesting up to 30% of the settlement funds, or $675,000. The remaining members of the class would receive $101 per claim.
The settlement still needs to receive final approval from the judge in the case. The settlement motion was not opposed by JPMorgan.
