RICHMOND, KY -- A Richmond restaurateur is suing J.P. Morgan Chase bank for alleged unfair business practices involving insufficient funds fees, reports The Richmond Register.
Andrew Jones, owner/operator of Woody’s on Main Street, filed the suit Dec. 19 in Madison Circuit Court alleging a violation of duty to fair dealing and good faith, violation of fiduciary duty, violation of Kentucky’s Consumer Protection Act, violation of Kentucky law against predatory lending practices and charging insufficient funds fees which were “grossly excessive and unconscionable and tantamount to penalties or unreasonable liquidated damages proscribed under contract law,” the suit states, reports the newspaper.
Jones previously worked with Chase’s Madison County bank branches in a “bank-depositor” relationship, the lawsuit states. In April 2004, Jones “unexpectedly encountered financial difficulties which caused him to experience a cash flow problem.” As a result of the cash flow problem, Jones’ account became overdrawn, according to the lawsuit, reports the Register.
Copyright: The Richmond Register - http://www.richmondregister.com/localnews/local_story_363231451.html