JP Morgan Chase has reached a $136 million agreement with Connecticut, 46 other states, and the District of Columbia, and has agreed to reform its debt collection practices. Attorney General George Jepsen said those practices hurt consumers.
From a statement:
Whether they were collecting the debt themselves, or when they marketed the debt to debt collectors they were misrepresenting how much was owed. In some cases they sold debt to debt collectors when there was zero balance on the collection, or the card-holder was deceased.
Jepson said the state will receive $2 million, including three-quarters of a million dollars for helping lead the investigation -- and Chase will end its collection efforts against 5,000
Nationwide, Chase will refund a total of $50 million to affected consumers, and pay $136 million in fines.
Jepsen spoke with WNPR about the settlement, and what it means for the state, and for Connecticut consumers. Listen below: