Sunday, December 15, 2024
65.7 F
Orlando

Yawn: Jamie Again, Agrees to $100M Payout to Settle Credit Card Case

 

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.

Read More Here.

 

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest Articles