To settle allegations involving the sale of credit card debt JP Morgan Chase & Co. is reported to be paying $125 million. $50 million is for restitution.
The nation's largest bank has been accused of relying on robo-signing and other discredited methods of going after consumers for debts they may not have owed and for providing inaccurate information to debt buyers.
The states will split $95 million and the U.S. Consumer Financial Protection Bureau will receive $30 million. Iowa’s Attorney General has been leading the charge.
See also our blog: Robocalls of 153 gets a $230,000 Penalty
According to a later press release Iowa will get $1.5 million which includes $1 million in attorney fees to Iowa as lead counsel in this class action suit.
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