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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
07/30/201410:26:09Charterhouse Selects Banks for Armacell IPO -Reuters
07/29/201421:35:34General Electric's Finance Arm Bulks Up in Canada--Plots & Ploys
07/29/201418:06:25Bank of America Continues to Slash Loans in Russia
07/24/201412:10:09BofA to Pay $16.6 Million to Settle Alleged Sanctions Violations
07/24/201411:22:08BofA to Pay $16.6 Million to Settle Alleged Sanctions Violations...
07/22/201413:13:16Credit Suisse to Exit Commodities Trading
07/18/201418:44:35Rise in Fee-Based Business Helps Boost Broker Productivity
07/17/201401:36:37MARKET SNAPSHOT: Dow Hits Intraday Record; Apple, IBM Drive Gains
07/17/201401:29:32MARKET SNAPSHOT: U.S. Stocks Open Higher; Yellen In Focus
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07/16/201421:16:22U.S. Hot Stocks: Hot Stocks to Watch
07/14/201420:06:32Citigroup Reaches $7 Billion Pact to Resolve Mortgage Probe...
07/14/201414:32:46Citi in $7 Billion Pact to Resolve Mortgage Probe -- 2nd Update
07/13/201406:18:25MARKET SNAPSHOT: Tech, Bank Earnings To Test Economic Recovery
07/10/201418:45:11A Difficult Quarter Again Seen for Banks
07/10/201417:42:36Morgan Stanley Recruits Brokers From Wells Fargo, Merrill --Street...
07/03/201407:55:53Paramount Group Said Considering Up to $15 Billion Real Estate...
06/26/201416:50:34Trustees Ask for Extension on Citigroup's $1.13 Billion Mortgage...
06/25/201417:11:13BofA Lays Off 540 Employees in N.C. Mortgage Division -Report
06/24/201418:21:46Aetna Looking to Shed Some Coventry Assets -Reuters

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