JPMorgan Settles Class Action Lawsuit For $100 million

Banks continue to get it on the chin. After unexpected trading losses in billions, Libor rate manipulations, and irregularities in credit card swipes, here is the latest on another dispute hanging fire in the banking space. JPMorgan Chase & Co. (NYSE:JPM) who had been sued for unlawfully boosting their minimum monthly credit card payments, has agreed to settle the three-year old class action lawsuit by paying off $100 million, which is about 45 percent of the fees of $220 million it earned as upfront charges for promotional credit card loans. The bank had been accused of persuading customers to transfer card…