10 aug: Potential Bidders for Nike Unit Cole Haan Include TPG, Apax -Reut..
10 aug: Emerging-Market Fund Flows in Modest Demand in Latest Week - EPFR
10-08-2012 18:55:00

J.P. Morgan Credit-Card Settlement Advances

Relateret indhold

--J.P. Morgan Chase agreed to pay $100 million

--Customers alleged company violated contracts by increasing minimum monthly payments

--Fairness hearing on settlement is set for Nov. 16

A federal judge has granted preliminary approval to a $100 million settlement of a class-action lawsuit alleging J.P. Morgan Chase & Co. (JPM) violated credit-card borrowers' contract terms by raising their minimum monthly payments.

The settlement, filed last month in U.S. District Court in San Francisco, would put to rest claims that the nation's largest bank by assets increased the amounts that certain customers were required to pay on their card-loan balances during the economic downturn.

Judge Maxine Chesney has set a fairness hearing on the settlement for Nov. 16, according to a court document filed Thursday.

A spokesman for J.P. Morgan declined to comment Friday.

A master class-action complaint filed in 2009 said the plaintiffs accepted offers from J.P. Morgan to transfer loan balances at other banks to J.P. Morgan credit-card accounts. The customers were offered fixed-rate, long-term loans, though J.P. Morgan later increased the minimum amount borrowers must pay on their accounts each month to 5% of their outstanding loan balance from 2%, according to the complaint, filed on behalf of about one million credit cardholders.

Borrowers who fail to make their minimum monthly payments typically pay late fees.

Reuters first reported news of the settlement receiving preliminary approval Friday.

The settlement is the latest card-related accord for J.P. Morgan, which along with numerous other large banks have been hit with lawsuits over overdraft policies and merchant transaction fees.

J.P. Morgan earlier this year agreed to pay $110 million to settle claims it reordered customers' debit-card transactions to generate additional overdraft fees. Bank of America Corp. (BAC), PNC Financial Services Group Inc. (PNC) and other banks have agreed to settle similar lawsuits.

Last month Visa Inc. (V), MasterCard Inc. (MA) and numerous banks that issue their credit cards, including J.P. Morgan, agreed to pay merchants $6.05 billion to settle allegations that they fixed the price of transaction fees retailers pay each time a customer swipes a card. J.P. Morgan's share of the settlement is $1.2 billion, the New York-based bank said in a regulatory filing Thursday.

That settlement is pending in federal court in Brooklyn.

J.P. Morgan is the second-largest U.S. credit card issuer based on purchase volume, according to the Nilson Report, a payments-industry newsletter.

J.P. Morgan's shares were down 0.4% at $36.77 in recent trading.

Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

August 10, 2012 12:55 ET (16:55 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

FLSmidth: Kobberprisen gjorde comeback i februar

27-02-2015 15:57:04
Kobberprisen har gjort et lille comeback i februar, hvor det for FLSmidth så vigtige metal har klaret sig bedst blandt industrimetallerne noteret på London Meta..

Maersk Drilling/CEO: Raterne er faldet markant

27-02-2015 12:39:21
De fede år er ovre, og nu står den på smalhals i store dele af oliebranchen, både for producenterne og underleverandørerne.Det rammer Maersk Drilling og branche..

Aktier/åbning: Investorerne vender tomlen op for NKT

27-02-2015 09:32:27
Regnskabet fra det danske industriselskab NKT giver anledning til at sende aktien yderligere til vejrs. Sådan lyder dommen fra investorerne fredag morgen, hvor ..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Danske/Nykredit: Tro på renteforhøjelse giver løftet anbefaling
2
Fredagens aktier: Mærsk trak sløvt C20 i rekord
3
Sløvt år for vindmøller i Danmark i 2014
4
USA: BNP overrasker i fjerde kvartal i 2. opgørelse
5
Maersk Drilling/CEO: Når nok 2015-mål selv uden nye kontrakter

Relaterede aktiekurser

Bank of America Corp 15,81 -1,4% Fald i aktiekurs
JPMorgan Chase & Co 61,28 -0,5% Fald i aktiekurs
MasterCard Inc 90,13 -1,2% Fald i aktiekurs
Visa Inc 271,31 -0,9% Fald i aktiekurs
PNC Financial Services G.. 91,96 -0,2% Fald i aktiekurs
Bank of America COM STK .. 15,80 12,9% Stigning i aktiekurs
JP Morgan COM STK USD1 61,13 0,0% Fald i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Relaterede selskaber
Få adgang til information og anbefalinger af relaterede selskaber med PLUS pakken.

Du får adgang til 7 værdifulde investorværktøjer til investering.

Klik her og læs mere om PLUS pakken.

Copyright Euroinvestor A/S 2015  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
28. februar 2015 14:54:58
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20150225.2 - EUROWEB4 - 2015-02-28 14:54:58 - 2015-02-28 14:54:58 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x