ADVFN - Advanced Financial Network.
HOME» NYSE » B » BAC Stock Price » BAC Stock News

Bank of America Share News

 Bank of America Corp. Stock Price
BAC Stock Price
 Bank of America Corp. Stock Chart
BAC Stock Chart
 Bank of America Corp. Stock News
BAC Stock News
 Bank of America Corp. Company Information
BAC Company Information
 Bank of America Corp. Stock Trades
BAC Stock Trades

J.P. Morgan Credit-Card Settlement Advances

--J.P. Morgan Chase agreed to pay $100 million --Customers alleged company violated contracts by increasing minimum monthly payments --Fairness hearing on settlement is set for Nov. 16 A federal judge has granted preliminary approval to a $100 million settlement of a class-action lawsuit alleging J.P. Morgan Chase & Co. (JPM) violated credit-card borrowers' contract terms by raising their minimum monthly payments. The settlement, filed last month in U.S. District Court in San Francisco, would put to rest claims that the nation's largest bank by assets increased the amounts that certain customers were required to pay on their card-loan balances during the economic downturn. Judge Maxine Chesney has set a fairness hearing on the settlement for Nov. 16, according to a court document filed Thursday. A spokesman for J.P. Morgan declined to comment Friday. A master class-action complaint filed in 2009 said the plaintiffs accepted offers from J.P. Morgan to transfer loan balances at other banks to J.P. Morgan credit-card accounts. The customers were offered fixed-rate, long-term loans, though J.P. Morgan later increased the minimum amount borrowers must pay on their accounts each month to 5% of their outstanding loan balance from 2%, according to the complaint, filed on behalf of about one million credit cardholders. Borrowers who fail to make their minimum monthly payments typically pay late fees. Reuters first reported news of the settlement receiving preliminary approval Friday. The settlement is the latest card-related accord for J.P. Morgan, which along with numerous other large banks have been hit with lawsuits over overdraft policies and merchant transaction fees. J.P. Morgan earlier this year agreed to pay $110 million to settle claims it reordered customers' debit-card transactions to generate additional overdraft fees. Bank of America Corp. (BAC), PNC Financial Services Group Inc. (PNC) and other banks have agreed to settle similar lawsuits. Last month Visa Inc. (V), MasterCard Inc. (MA) and numerous banks that issue their credit cards, including J.P. Morgan, agreed to pay merchants $6.05 billion to settle allegations that they fixed the price of transaction fees retailers pay each time a customer swipes a card. J.P. Morgan's share of the settlement is $1.2 billion, the New York-based bank said in a regulatory filing Thursday. That settlement is pending in federal court in Brooklyn. J.P. Morgan is the second-largest U.S. credit card issuer based on purchase volume, according to the Nilson Report, a payments-industry newsletter. J.P. Morgan's shares were down 0.4% at $36.77 in recent trading. Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Bank of America (BAC)
DateTimeHeadline
11/25/201419:20:15SEC Grants Bank of America Short-Term Waiver from Hedge-Fund...
11/23/201415:15:36Faith-Based Shareholders Prepare Day of Reckoning for Bank of...
11/21/201417:06:39Two Top-Producing Advisers Leave Merrill Lynch--Street Moves
11/20/201417:55:14Merrill Loses Veteran Wealth Manager to UBS -- Street Moves
11/20/201413:22:06Average Wall St. Pay to Rise 4% This Year -- Update
11/19/201420:40:24Bank Payouts for Government-Job Takers Under Fire
11/19/201418:40:21Regulators' Clarification Still Sows Banks' Unease
11/18/201419:55:17Goldman Hits Mother Lode on Deals
11/17/201419:19:26High Court to Review Second-Mortgage Liens -- 2nd Update
11/12/201417:09:37OCC Fines Citigroup, J.P. Morgan, Bank of America Over Foreign...
11/10/201401:06:00Hong Kong Murder Case Adjourned for Two Weeks -- Update
11/10/201400:10:29Hong Kong Murder Case Against British Banker Adjourned
11/09/201423:59:17Hong Kong Murder Case Against U.K. Banker Adjourned for Two Weeks
11/07/201416:37:33RBC Wealth Nabs Merrill Team -- Street Moves
11/05/201423:40:12ANZ Names Xiaoguang CEO for China Business
10/28/201418:39:29Jefferies Expected to Book up to $15 Million Loss on Toms Shoes...
10/28/201406:40:03Big Banks: Fourth-Quarter Outlook -- Barron's
10/26/201416:46:21Banks Demand That Law Firms Harden Cyberattack Defenses
10/20/201418:07:05Stifel Financial to Hire Two Former Merrill Lynch Advisers
10/20/201416:09:27Morgan Stanley Hires from Merrill, J.P. Morgan, UBS -- Street...

Bank of America and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad