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MILBERG LLP > Did JP Morgan Chase Improperly Calculate and Inflate Monthly Loan Payments of Commercial Loans Acquired from Washington Mutual?

Did JP Morgan Chase Improperly Calculate and Inflate Monthly Loan Payments of Commercial Loans Acquired from Washington Mutual?

Free JP Morgan Chase Claim Evaluation

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JP Morgan Chase may have incorrectly calculated monthly loan payments on commercial loans or promissory notes that it had acquired from Washington Mutual in 2008.  Washington Mutual issued promissory notes to consumers seeking a commercial loan in which monthly payments were calculated on the basis of a “360-day year consisting of 12 months of 30 days each (30/360 Basis).”  

However, since JP Morgan Chase acquired the promissory notes through its acquisition of Washington Mutual, JP Morgan Chase has allegedly been incorrectly calculating payments using the basis of the “actual number of days elapsed for any whole or partial month in which interest is being calculated and on the basis of a 360-day year (Actual/360 Basis).” 

The Actual/360 method yields a larger monthly payment for the loan recipient compared to the 30/360 method.  As a result, JP Morgan Chase may have overcharged its customers and possibly violated several business laws.

If you obtained a commercial loan from Washington Mutual with similar terms as described above, and had your loan acquired by JP Morgan Chase on or about September 28, 2008, and would like to learn more about this investigation, please fill out the form on the right or contact the following attorney:

Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: arado@milberg.com

Milberg LLP has been representing defrauded consumers for more than four decades and serves as lead counsel in federal and state courts throughout the United States.  Please visit the Milberg website for more information about the Firm.

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