Bank Offers $56M to Repay Military Families

JPMorgan Chase says it is willing to pay a whopping $56 million to settle the class-action lawsuit brought by 6,000 members of the military who accused it of overcharging them on their mortgages and violating the Servicemembers Civil Relief Act. A judge still has to approve the offer.

The case was initially brought by Capt. Jonathon Rowles, who says he was overcharged about $900 per month by Chase, which had him to verify his active duty status every 90 days and to reapply for SCRA status at least once per quarter between December 2007 and March 2010, according to the lawsuit.