Exclusive: JPMorgan to pay over $125 million to settle U.S. credit card debt probes


That’s drop in the ocean for him though right? He will just get his buddies in the Federal reserve to print him some more useless paper!

Ethics Asylum

Image Credit: REUTERS/MIKE SEGAR

JPMorgan Chase & Co (JPM.N) has agreed to pay at least $125 million to settle probes by U.S. state and federal authorities that the bank sought to improperly collect and sell consumer credit card debt, according to people familiar with the matter.

The settlement also includes about $50 million in restitution, the sources said.

The nation’s largest bank has been accused of relying on robo-signing and other discredited methods of going after consumers for debts they may not have owed and for providing inaccurate information to debt buyers. Robo-signing refers to signing documents in mass quantities without reviewing records.

The U.S. Consumer Financial Protection Bureau (CFPB), 47 states and the District of Columbia are expected to announce the settlements as soon as Wednesday, the people said.

The states will split some $95 million, while the CFPB will get $30 million, the people said. JPMorgan Chase…

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