JPMorgan stops pursuit of many debt-collection lawsuits: report

Reuters News
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Posted: Jun 23, 2011 11:18 PM
JPMorgan stops pursuit of many debt-collection lawsuits: report

(Reuters) - JPMorgan Chase & Co has dropped more than a thousand lawsuits across the United States that were aimed at collecting soured credit card debt since April, the Wall Street Journal reported. State judges said the bank has dropped lawsuits targeting borrowers in California, Florida, Illinois, New Jersey and New York, the Journal said.

The average amount sought in credit-card lawsuits is roughly $1,000, the paper reported, citing some judges who were to decide these cases. However, the second-largest U.S. bank did not disclose the exact number of cases dropped or the reasons for the move, the Journal said. The bank could not be reached for comment by Reuters outside normal U.S. business hours.

(Reporting by Vaishnavi Bala in Bangalore; Editing by Muralikumar Anantharaman)