READ MORE CREDIT CARD ABUSE LEGAL NEWS
After a lower court had thrown out the lawsuit, Supreme Court Justice Sonia Sotomayor agreed with the ruling, explaining that the Federal Reserve Board's interpretation of the rules did not require the company to notify him.
"In the board's view, Chase was not required to give McCoy notice of the interest rate increase," she said in the decision.
According to the Washington Times, McCoy filed the lawsuit in 2006, well before the Federal Reserve Board established rules in 2009 that required credit card companies to give 45 days notice for increases that come as a result of default.