J.P. Morgan to Pay $100M to Settle Credit Card Suit [1]

J.P. Morgan Chase (JPM [3]: 35.81, +0.64, +1.82%) has agreed to pay $100 million to settle a three-year-old lawsuit that accused the biggest U.S. bank of unlawfully boosting minimum monthly credit card payments.

Cardholders, who called the ruling an “excellent result,” claimed the Wall Street bank enticed them to transfer balances from other lenders to Chase accounts and then would consolidate their debt into loans with “fixed” interest rates until balances were paid off.

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