JP Morgan to pay $100 mn to settle case

  • JP Morgan Chase & Co., the largest bank in the US, will pay $100 million to settle a lawsuit over using illegal methods to collect debts from more than 125,000 credit card holders in southern California and elsewhere. The largest US bank by assets will pay an estimated $10 million to consumers in California as part of a previously announced $50 million national agreement, and will pay another $50 million in penalties to the state to settle the 2013 lawsuit, which was filed in a court in Los Angeles. "We are pleased to resolve these legacy issues with the California Attorney General and we are working to complete our remediation of affected card customers," Suzanne Alexander, a bank spokeswoman, said. (Source: IANS)