J.P. Morgan Gets Preliminary Approval for Settlement

A judge has given preliminary approval to a settlement of a class action lawsuit filed against J.P. Morgan Chase & Company. The lawsuit alleged J.P. Morgan violated the terms of credit card contracts by raising the minimum monthly payments. According to the lawsuit, as cited by The Wall Street Journal (08/10/12), customers were offered a fixed-rate, long-term loan through J.P. Morgan, but the company then increased the minimum amount due from 2 percent to 5 percent.

The settlement is worth a reported $100 million. A fairness hearing will go ahead on November 16.

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Published on Aug-13-12