JPMorgan Sued By Miss. AG Over Flawed Debt Collections

By David McAfee (December 17, 2013, 8:48 PM EST) -- JPMorgan Chase & Co. and its affiliates were hit by a lawsuit in Mississippi state court on Tuesday by the state attorney general, who alleges the bank has sidestepped the law in its efforts to recoup alleged debt from customers since at least 2007.

Mississippi Attorney General Jim Hood alleges that as delinquencies exploded as a result of the recession, JPMorgan, Chase Bank USA NA and Chase BankCard Services Inc. put "significant pressure" on employees and outside vendors to increase the pace and volume of its debt collections. JPMorgan chose to cut corners and, as a result, knowingly and willfully made...

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