JPMorgan Chase & Co. 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 Chicago Trib reports.
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.
It comes as JPMorgan, like many of its main rivals,
addresses a wide range of litigation over its banking practices, such as
whether it conspired to overcharge retailers on card transactions, or
manipulated benchmark interest rates….
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