August 11, 2012
JPMorgan Chase & Co won a federal judge’s preliminary approval of a $100 million class-action settlement with credit card customers who accused the bank of improperly trying to generate higher fees by boosting their minimum payments.
The settlement resolves claims over 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.
Cardholders said Chase had induced them to transfer loan balances from other lenders to Chase card accounts, where the debt would be consolidated into fixed-rate loans.
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