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JP Morgan Chase to Settle with Embattled Consumers Over Debt Collection Misconduct

  • Sep 23 2013

In terms of assets, behemoth JP Morgan Chase is the largest bank in the United States. It is likely no coincidence it is also facing eight-figure fines and penalties for its involvement with debt and credit card collection practices running afoul of state and federal regulations – particularly with regard to consumer credit card holders. The settlement works to conclude an investigation into the bank’s practices which began early last year following a former employee’s whistleblower lawsuit alleging retaliatory termination. If you are one of the thousands of consumers enduring illegal debt collection practices, an attorney can assist you in asserting your rights under federal and California fair debt collection practices laws.

JP Morgan Chase Settles Amidst Startling Claims of Falsified Court Documents

The allegations set forth against JP Morgan Chase are likely alarming to the average credit card holder and represent a continual and systematic environment supporting an ignorance of procedural regulations in order to commence legal proceedings against consumers. Without the help of knowledgeable and aggressive attorneys, unafraid of even America’s largest bank, many of these debtors would have unknowingly forfeited hundreds of dollars in unnecessary fees, costs and penalties. Fortunately, both the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau has worked tirelessly to further instances of wrongdoing.

The details of JP Morgan Chase’s treatment of its credit card customers reveal it progressed in litigation against consumers after failing to verify the customer was truly in default. Moreover, JP is similarly accused of relying on false documents containing incorrect loan balances and errant payment history. For at least two years, JP relied on false account records to sue tens of thousands of cardholders when, in most cases, they had not met the prerequisites for a finding of default. At the height of the scheme, JP Morgan Chase held approximately 5,000 accounts with incorrect balances and advanced litigation against over 11,000 accounts without the proper documentation to do so.

Take a Stand Against Unlawful Acts by Your Credit Card Company

If you can relate to the facts of the case against JP Morgan Chase or you believe your bank may be engaging in fraudulent or unlawful activity against its customers, a credit card litigation attorney can help you review your credit agreement and current payment history to determine if you are in fact subject to your bank’s default notices and legal advances. For more information or to schedule a complimentary consultation today.

Posted in: Credit Card Debt, Credit Card Lawsuits, JP Morgan Chase