JPMorgan Chase has agreed to pay $100 million to settle litigation by credit card customers who accused the largest U.S. bank of improperly boosting their minimum payments as a means to generate higher fees.
The class-action settlement resolves a three-year-old case stemming from Chase’s decision in late 2008 and 2009 to boost minimum monthly payments for thousands of cardholders to 5 percent of account balances from 2 percent.
JPMorgan, like many of its competitors, faces a raft of litigation over its banking practices, including whether it purposefully overcharged retailes on card transactions or manipulated benchmark interest rates.
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