Citi Hiking Interest Rates Ahead Of CARD Act: Suit

By Evan Weinberger

Law360, New York (November 11, 2009, 12:23 PM ET) -- Citibank NA is facing a putative class action accusing it of jacking up credit card interest rates in a bid to beat looming federal credit card regulations and in violation of agreements signed with cardholders.

The complaint, filed Tuesday in the U.S. District Court for the District of Rhode Island, alleges that Citibank, the commercial banking unit of New York-based Citigroup Inc., has raised annual percentage rates on credit cards as high as 29.99 percent even when cardholders are not in default and before their cards...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles