California Sues JPMorgan Over Illegal Debt Collections

JPMorgan Chase & Co. (NYSE:JPM) was sued by California Attorney General Kamala Harris over claims that JP Morgan pursued lawsuits against defaulted borrowers based on insufficient evidence. The Attorney says that from January 2008 to April 2011, JPMorgan Chase & Co. (NYSE:JPM) filed more than 100,000 lawsuits against consumers in the state over uncollected credit-card debt, including 469 in a single day. Harris’ accusations for JPMorgan Harris’ office alleges JPMorgan’s use of illegal robo-signing was widespread. The practice involved automatic signing of various documents, some sworn, without reviewing the paperwork or bank records. Robo-signing was used on a massive scale during…