Arizona residents may have heard that the investment bank, JPMorgan, was allegedly attempting to push its customers into paying debts that they were not obligated to pay. The Mississippi Attorney General is filing a lawsuit against JPMorgan and accusing it of credit-card misconduct.
In 2012, the Office of the Comptroller of Currency, the regulator of the U.S. banks, investigated the debt collection operations under question at JPMorgan. The bank was ordered to return over $300 million to customers and pay around $80 million just in fines. More than 10 states have attempted to investigate JPMorgan and its alleged misconduct.
The lawsuit stemming from the Mississippi Attorney General alleged that the debt collection operation at JPMorgan set goals and quotas for the employees of the operations. Those who were unable to meet the quotas were allegedly fired. The lawsuit also alleged that the investment firm hired two law agencies that operated with no supervision and reportedly engaged in "widespread deception" when working with proceedings against customers. JPMorgan released a statement earlier in 2013 stating that the financial company would attempt to reduce the problems that were discovered by the Office of the Comptroller of Currency in the 2012 investigation.
Those who struggle with credit card debt may seek the assistance of a bankruptcy lawyer to attempt to alleviate debts. Managing credit card debt can become complicated when a debt collector is harassing someone who has not paid his or her debts. A bankruptcy lawyer may be able to provide viable options such as filing for Chapter 7 or Chapter 13 bankruptcy and explain the process involved.
Source: CBS News, "JPMorgan accused of credit-card misconduct by Mississippi", Aimee Picchi, December 18, 2013