Fisker Ocean Electric Vehicles Loss Recovery FAQ

Fisker Ocean Frequently Asked Questions

Since the firm announced its representation of Fisker Ocean owners, our legal team has received more than a thousand inquiries. Hagens Berman’s legal team has supplied answers to owners’ questions below to help guide you through the process. Fisker may have left Ocean owners with little resources, and our firm is here to course correct, putting you back in the driver’s seat. If you have a question not answered in the FAQ below, please email your question to our legal team at [email protected].

ABOUT THE CLAIMS:

What is this case about?: Hagens Berman is representing owners of Fisker Ocean electric vehicles who financed their EV purchase through Fisker Finance or J.P. Morgan Chase Bank, NA. Purchasers of 2023 and 2024 Fisker Ocean EVs were unaware that Fisker’s imminent bankruptcy filing would cause significant problems for the vehicles, including a loss of warranty protection, ongoing software problems and inability to obtain software updates. Fisker Ocean owners report loss of access to wireless internet and other features affecting safety. Per federal regulations, J.P. Morgan Chase Bank (“Chase”) may be liable to consumers financing their purchases of Fisker Ocean EVs through Chase.
Who is the defendant?: The firm is pursuing owners’ rights against J.P. Morgan Chase Bank, NA.
Is this a class action?: No, this is not a class action. Due to contractual requirements in the consumers’ loan agreements with J.P. Morgan Chase Bank, these claims will likely need to be brought on an individual basis in arbitration rather than through the courts.
What is a Statement of Claim?: A Statement of Claim or Demand for Arbitration is the initiating filing in an arbitration, similar to a complaint in a court action. Once this document is filed with the arbitrator, the arbitration process begins. Arbitration hearing are typically held much more quickly than a trial in court, often within six months or so. But the timing of the hearing is ultimately the decision of the arbitrator.
Is Hagens Berman pursuing claims against other banks or financers?: No, not at this time. The specific laws that the firm must use appear to be limited in their reach to Chase.
What is the “Holder Rule”?: Hagens Berman is pursuing owners’ rights under the Holder in Due Course Rule (the “Holder Rule”). Because Fisker is in bankruptcy, they are shielded from being sued in this instance. Most of the time, when bankruptcy is involved, car owners will be out of luck. The Holder Rule establishes that a bank or financer was involved with the promotion of the vehicles can be held liable to the same extent that the car manufacturer can. This means that claims of: violation of “Lemon laws”; breach of contract, breach of warranty, misrepresentation or violation of consumer protection acts that could have been brought against Fisker, could now be brought against Chase.

REPRESENTATION:

I am interested in legal representation. What do I do next?: To begin the process, please start by filling out the form on this page. If you are eligible, you will receive a link to our retainer agreement. Upon signing the firm’s retainer agreement, you will be represented by Hagens Berman.
Does Hagens Berman represent me in this case?: If you have not signed Hagens Berman’s retainer agreement, the firm does not represent you. If you’d like to review and sign the retainer agreement, please start by filling out the form on this page »
What happens if I don’t sign the retainer?: If we do not represent you in this matter, we will not be able to negotiate on your behalf, file an arbitration or obtain any type of recovery on your behalf.
What duties may I have to take part in to carry out my arbitration?: We will need to get copies of your financing agreement with Chase and all other documents that might be relevant to your purchase or to defects in the EV. Your arbitration will be in or near your hometown, and you may be required to testify at a deposition or the arbitration hearing as to why you purchased the EV and the extent of your problems with it.

ELIGIBILITY:

Who is affected?

Those affected may include purchasers of 2023 or 2024 model year Fisker Ocean electric vehicles who financed their vehicle purchase through Fisker Finance or J.P. Morgan Chase Bank, NA. All 2023-2024 Fisker Ocean models are affected and include:

Fisker Ocean One
Fisker Ocean Extreme
Fisker Ocean Ultra
Fisker Ocean Sport

I did not finance through Fisker Finance or J.P. Morgan Chase Bank. Am I still eligible?

Hagens Berman is only representing purchasers who financed their car through Fisker Finance or J.P. Morgan Chase Bank, and are only bringing claims against Chase, which is not in bankruptcy. At this time, we are not representing other purchasers.

I paid cash for my car. Am I eligible?

No, unfortunately, we are not able to help you. Your best opportunity recourse is probably through the bankruptcy court against Fisker.

What if I refinanced? Am I eligible?

Yes, you are eligible if you initially financed your EV through Chase.

What if I already have an arbitration judgment against Fisker?

Owners in that situation would have to file a new claim against Chase in a different arbitration. We would file the arbitration to obtain a judgment against Chase.

I live outside of the U.S. Am I eligible?

If you financed your vehicle through Chase Bank, you would be eligible.

FEES & EXPENSES:

Note: The firm’s fee and expenses accurately reflect the risks of litigation against the largest bank in the country and what will certainly be a top-shelf defense firm staunchly representing its interests. We routinely litigate against these types of firms and are quite often successful, but it is never easy.

If no compensation is awarded, will I still owe a fee to Hagens Berman?

No. In the event that our firm loses at the arbitration, you will not be responsible for a fee to Hagens Berman. This case is handled under a no-win, no-fee arrangement for our clients, meaning they risk nothing to get involved.

What are the expenses on the retainer agreement?

The last page of the retainer agreement refers to litigation expenses, rather than Hagens Berman’s fee. These expenses relate to things such as expert witnesses and other items necessary to prevail in an arbitration hearing. It is difficult to estimate these amounts before we know what the defenses will be. But the large number of clients that are retaining us will certainly lower the dollar amount of expenses per client. Our retainer agreement includes this to safeguard our clients so that there are no surprises, should this arise.

If Hagens Berman prevails and my loan is discharged, will I have to pay Hagens Berman out-of-pocket, putting me in a worse financial situation?

We considered that possibility carefully as we would very much prefer for our clients not to have to write us a check, even if they do benefit substantially from the outcome of this case. We will seek a cash payment for at least part of the judgment that we obtain in order to fund our fees. But such award is ultimately at the discretion of the arbitrator.

We do not receive any fee unless we obtain a benefit for you. There is no scenario in which case you come out worse. By contrast, if you were to hire an hourly rate firm, you would owe their fee — win or lose at arbitration.

If the recovery is loan forgiveness, or repayment of monies paid, how will Hagens Berman’s fee be calculated and how would the firm expect it to be paid?

In any settlement, the firm will seek to negotiate a resolution whereby Chase pays some portion of the settlement in cash for our fee and some portion for loan forgiveness, if that is what the client prefers.

Assuming I have an outstanding balance of $50K, and have paid $20K, and my loan is forgiven and my car is taken back, what is Hagens Berman’s fee?

Hypothetically, if you originally financed $70,000 and have paid down the balance by $20,000, the total damages would be $70,000. Ignoring litigation expenses for this discussion, If the firm achieved $70,000 for you at the arbitration, our fee would be $21,000; you would receive $49,000 of loan forgiveness or cash.

There is the possibility of additional award of attorneys’ fees, which would almost certainly be less than Hagens Berman’s contingency percentage. Assuming an award of $10,000 in attorneys’ fees, the recovery would be $80,000, the firm’s fee would be $24,000 and you would receive $56,000 in some combination of loan relief and cash.

If the firm’s fees are more than my potential payout, am I responsible to pay Hagens Berman?

The firm’s fee is a percentage of your recovery and cannot be more than your recovery.

ABOUT MY VEHICLE:

Will I be forced to get rid of my Fisker Ocean?: No, there are alternative potential remedies that we can seek on your behalf, including (at your option) selling the car back to Chase, or keeping the car and having Chase pay damages for the decline in value of the car. A settlement could include either remedy, and you have the choice whether or not to take any settlement offered.
What if I want to keep my Fisker Ocean?: If Fisker owners wish to keep their Ocean EV, then their damage would be the difference between what they were promised and what it is actually worth. For example, if they paid $80,000 for their car, and because of all the issues, it's in actuality worth much less. The firm would employ experts to determine how to monetize that amount. Owners would get that difference.
What if I own more than one affected Fisker Ocean vehicle?: You may submit a single set of files. We will bring your claims simultaneously.

WHAT CAN I EXPECT?

Assuming we prevail, what can I expect?: It is too early in the process to know the resolution, and the case against Fisker is unique. While the firm is hopeful, this complex situation presents variables, and we cannot be certain at this stage.
What if I don’t like the proposed outcome?: Whether or not to settle the claims pursuant to a settlement offer is a decision that the client makes in its sole discretion. Our clients may refuse any settlement that does not give them all of the relief desired.

MY SIGN-UP INFORMATION:

Did you receive my information?: If you filled out a form on our website, your information has been received and is in our database.
What if my contact information changes?: Please notify us via email if your contact information changes.

WHY HAGENS BERMAN?

Why should I choose Hagens Berman?: Hagens Berman is one of the most successful law firms in the U.S. in the area of automotive litigation and is presently leading nationwide cases against other automakers for safety defects and emissions-cheating claims.. Hagens Berman has secured total settlements valued at more than $320 billion since its founding. Your case will be handled by attorneys experienced in automotive and consumer finance law.
What experience does Hagens Berman have in bringing mass arbitration clause litigation against a company?: The firm has experience in this exact situation and has used this to leverage pressure against defendant companies to bring successful claims. In one of the firm’s antitrust cases against Amazon, the company exercised its arbitration clause. Hagens Berman then filed tens of thousands of claims individually, turning the tables in what Amazon had assumed would be a simple, mess-free situation for it in court. The firm believes in this strategy and momentum against Chase.

NEXT STEPS?

How long do these kinds of cases take?

It is difficult to predict the timeline in these initial stages of the case, but arbitrations are typically much quicker than a court case, and the timeline is measured in months rather than years. An arbitration can be completed within six months, but the timeline is ultimately determined by the arbitrator.

What should I do now?

If you haven’t done so already, please follow these steps:

The first step is to fill out the form on this page.
The next step is to sign the retainer agreement. Hagens Berman does not represent you until you have signed the retainer agreement. If you qualify, you will receive a link to the retainer agreement after filling out the first form.
The last step, at this time, is to upload your documents as soon as possible. You will receive a link to upload your documents after signing the retainer agreement.

We will inform our clients of significant case progress and potential next steps as the case progresses.

CONTACT:

I submitted my information. Why haven’t I heard back yet?: The firm has received hundreds of inquiries and is responding as quickly as possible to those who have sent questions. Please be patient as our team thoughtfully responds to each message.
I have more questions. Can I speak to an attorney?: The fastest way to get a response is via email. Please email the legal team.