JPMorgan Chase has agreed to pay more than $3 million to the state of Arizona in a settlement that stems from a lawsuit over the bank’s debt collection practices.
Arizona was one of 47 states, plus the District of Columbia, that joined The Consumer Financial Protection Bureau in a case against the banking giant. Arizona Attorney General Mark Brnovich said the settlement resolves allegations that JPMorgan used illegal tactics to go after delinquent credit card borrowers.
Under the settlement, the bank will refund $50 million to affected consumers nationwide and pay $136 million in fines. It will also permanently halt collecting on more than half a million accounts.
