Thought this might be of inter

Discussion in 'Credit Talk' started by Lanoro, Sep 30, 2000.

  1. Lanoro

    Lanoro Guest

    (September 22)

    Chase Manhattan Corp. will pay at least $22.2 million to settle lawsuits alleging customers were forced to pay extra interest and late fees even when payments arrived on time. The dollar amount could rise if consumers start filing claims under the agreement. The bank will reimburse customers for some charges and offer a grace period before charging late fees.

    The lawsuit and settlement are part of a pattern that has plagued many players in the credit card industry. Last month, Citibank agreed to pay $45 million to resolve claims nearly identical to those against Chase. Providian Financial Corp. agreed in June to pay more than $300 million to settle claims it deceived customers about rates and fees.

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