Citi Hiking Interest Rates Ahead Of CARD Act: Suit

Law360, New York (November 11, 2009, 12:23 PM EST) -- 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...
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