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This page contains a single entry from the blog posted on November 15, 2011 6:42 AM. The previous post in this blog was Cain on Libya: "I never laid a hand on her". The next post in this blog is Portland school boundary changes, version 18.12. Many more can be found on the main index page or by looking through the archives.

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Tuesday, November 15, 2011

Take that, Jamie Dimon!

The last time we left the United States was 11½ years ago. The Mrs. and we visited Spain and Portugal -- our only trip to Europe. We loved every minute. It was on a sunny afternoon in Lisbon that we stood at a phone kiosk outside some ruins (which ironically were closed for repair) and heard from a nurse in Portland the gender of our first child, then in utero. Ah, the memories. One of these days we'll have to take up a collection from blog readers to finance a return to those Iberian climes; we'll need four tickets this time.

Anyway, while we were there, naturally we used a credit card, and a few years later, we were notified that we were part of class action lawsuit by bank customers who were suing the bank for antitrust violations relating to the fees that we were charged for foreign currency translation. We were asked to, and as we dimly recall we did, submit a statement of how much we had spent overseas, and we were told that some day we might get reimbursed some of what the bank took us for in fees.

Yeah, right.

We forgot all about the class action until the other day, when we received a check for $18.04. That ain't hay, people -- we promptly took it down to the credit union and deposited it.

It feels so good to have taken the big banks for such a ride. Somewhere today there's a bank CEO who's feeling the pain of his wrongdoing. Between me and the other class action plaintiffs, he may have to start buying the $520 bottles of wine instead of the $525 bottles. Score one for the 99%!

Comments (13)

Yeah, we got one too. I have no idea why, although we did travel to Mexico a couple of times 8-12 years ago. I don't recall submitting a statement of overseas spending, other than the customs form you have to fill out on the plane trip back. But every little bit of cash helps!

I got $18.04 too.

The attorneys on the class action suit probably got $18,400,000...

So the class action attorneys can upgrade to $500 bottles of wine?

A number of class actions suit letters have come across my desk. I usually follow the instructions thinking they are really lottery tickets and almost no chance of getting even a couple dollars. This is the first instance of a class action actually returning money to anyone.

Jack you must go abroad again, with the girls, and soon. And don't stop with Spain. For real experience and understanding you can fly onward and spend a week or two in Turkey, Jordan or Egypt. Check out the library in Alexandria. Visit with some Turkish or Jordanian lawyers and maybe write off part of the trip.

The wife and I have traveled abroad 20+ times in the last decade. I guess it's a one size fits all situation as we got a couple of the $18.04 checks. Oh well, good to hear that it's genuine.

Reading the small print it looks like the lawyers got a mere $13.875 million

While I didn't get the $18.04 check (my overseas travel was about 20 years ago, except for Canada, eh), I did get a letter recently from Chase letting me know I wasn't on any of their junk mail lists, and what would I like to sign up for. (I have a WM home loan that Chase "acquired" and I didn't move it to my credit union because it's close to being paid off.) I sent the form letter back with words to the effect that one of the best days of my life will be when I no longer have any contact with the blood-sucking greedy criminals of Chase who destroyed banks and the economy. I concluded my comments with "Jamie Dimon should be in prison." Maybe some telemarketer will get a good chuckle.

Re: "Somewhere today there's a bank CEO who's feeling the pain of his wrongdoing."

Highly unlikely: it's just a cost of doing business, which -- at JPM's too-big-to-fail level -- is increasingly thievery. Consider JPM's involvement with the bankruptcy of MF Global:

"A group representing former customers of MF Global Holdings Ltd. (MFGLQ) on Monday charged that J.P. Morgan Chase & Co. (JPM) is trying to unfairly claim their assets in a court tussle over the remains of the bankrupt broker-dealer."
http://www.advfn.com/news_MF-Global-Clients-Accuse-JP-Morgan-Of-Overreaching-In-Bankruptcy_49937969.html

Just another cost of doing business at JPM:

"A U.S. regulator ordered JPMorgan Chase & Co to pay $3.62 million in fines and reimbursement for recommending investments linked to junk bonds to unsophisticated customers who might not have been able to take on the risks.

The Financial Industry Regulatory Authority said brokers at Chase Investment Services Corp recommended that customers with little investing experience and 'conservative' risk tolerance buy unit investment trusts (UIT) and floating-rate loan funds."
http://www.portfolio.com/business-news/reuters/2011/11/15/jpmorgan-fined-for-sale-of-risky-investments

"The penalty includes a $1.7 million fine plus $1.92 million of restitution to customers who suffered losses."

Very small potatoes. Reuters does not calculate whether the $1.92M restitution money actually covers client losses.

As usual:

"[JPM] did not immediately respond to requests for comment."

Gardiner -

MF Global is a fascinating issue.

Can anyone explain in small words why, with $ 520 million in client assets gone, Jon Corzine is not in jail right now?

Does Corzione's continuing freedom have something to do with hos having been Majority Whip when he was a Senator from New Jersey? Or something to do with his having previously headed up Goldman Sachs? Or something to do with his having been governor of New Jersey? Or something to do with hios being a guest of the Obama's at the White House after MG collapsed?

I'm genuinely confused and really would like an explanation as to why Corzine is not in jail.

Bring up class action lawsuits and you immediately get someone digging at the attorneys who profit from them. The fact that a small set of attorneys rake in the dough for their work has no bearing on the positive or negative role class action suits play in society. The purpose of a class action suit is not to reimburse. Rather they are punitive. They seek to alter behavior.
The reimbursement of attorneys is another, separate matter. One that needs to be addressed as part of the discussion of the fundamental problems with our legal system.
Just my two cents about how the two issues can get tangled.

Our $18.04 just arrived today! The family went to Italy 11 1/2 years ago.

Speaking of class action suits, Netflix (NFLX) customers are members of an aggrieved class in an action against collusion between NFLX and WalMart (WMT):

"There is a lawsuit against Wal-Mart Stores Inc. and Walmart.com USA LLC (together called 'Wal-Mart') and Netflix, Inc. ('Netflix') involving the price of online DVD rentals. The Class Action seeks money for current and former Netflix online subscribers. A Settlement has been reached with Wal-Mart. Wal-Mart and Netflix believe that the lawsuit has no basis. Netflix has not settled the lawsuit and the litigation continues against it.

Your legal rights are affected whether you act or don’t act. This website includes information on the Settlement and the continuing litigation with Netflix. Please read the entire Notice carefully."
https://onlinedvdclass.com/

NFLX, the stock price of which has already, during the past two months, descended from nearly $300 to below $100, might -- unlike JPM -- find a settlement payout stressful upon its cash flow.

Jack, I sure hope your check clears before the Occupiers close down the bank it was issued on (The Huntington National Bank, wherever that is).

I may have procrastinated too long already. By the time I deposit my check I'm sure it will bounce. That $18.04 would have come in handy, but I guess I can frame it as a nostalgic reminder of the days when banks were banks and paper was accepted as money.


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