Credit Card Collections to Continue
News from TheStreet.com:

NEW YORK (TheStreet) — A recent decision by JPMorgan Chase(JPM) to drop more than a thousand credit card debt collection cases has thrown a spotlight on another area of potential trouble for the banking industry.

Despite the move by JPMorgan, other banks will plough ahead on existing collection cases. JPMorgan would not confirm or deny the dismissals, reported by The Wall Street Journal on Friday, though the newspaper quoted Thomas Donnelly, an Illinois state-court judge in Chicago, who said he allowed the bank to withdraw all the pending collection cases in his courtroom this month, though they will b…………… continues on TheStreet.com
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Related News:

JP Morgan Drops More Than 1000 Credit Card Debt-Collection Lawsuits
News from National Journal:

J.P. Morgan Chase & Co. dropped more than 1,000 credit card debt-collection lawsuits in a handul of states, The Wall Street Journal reports.

Though the bank would not say how many cases were dismissed or why, state judges told The Journal that cases were dropped in California, Florida, Illinois, New Jersey, and New York. The bank was owed $ 45.9 billion on outstanding credit cards—both for current and delinquent accounts—in those states, as of March 31. The average amount sought in credit-card lawsuits is around $ 1,000, according to the Journal.

Although the bank declined to give a reason for the dismissal, it may have been related to “irregularities” in the paperwork used to file the lawsuits, which could indicate sloppy or fraudulent documentation of debt, The Journal reports. The bank is being scrutinized for possible use of s…………… continues on National Journal
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