Friday, June 24, 2011

Top Bank Stops Debt Collection Suits

The Wall Street Journal reports that J.P. Morgan Chase & Co. has abandoned more than a thousand debt-collection lawsuits across the U.S. that sought to recover soured credit-card loans from borrowers.

The nation's second-largest bank by assets, including more than $100 billion in credit-card accounts, wouldn't disclose the number of cases dismissed or the reasons for the move. State judges said the bank has dropped lawsuits targeting borrowers in California, Florida, Illinois, New Jersey and New York since April. In those five states, J.P. Morgan was owed $45.9 billion on outstanding credit cards as of March 31, including both current and delinquent accounts….

Find out the rest at:
http://online.wsj.com/article/SB10001424052702304231204576404052290445530.html

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