JPMorgan Chase & Co sued thousands of its credit card holders over non-payments. However, the lawsuits filed to thousands of its clients were erroneously made according to a report from the Wall Street Journal. This was stated after the bank conducted an internal review of its debt-collection process.
There were around 1000 lawsuits examined by JPMorgan. The bank found mistakes in 9% of the cases it filed said the Journal, citing sources who were familiar with the review.
Another person who was familiar with the bank's discussions with the regulators told the newspaper that any rate above zero is high. This would mean that the errors the bank made listed higher balances for interest rates and fees than the amounts owed by borrowers.
JPMorgan said that the mistakes it found during the review were "small" and "had minimal effects to clients". Last May, the attorney general of California sued JPMorgan. The bank allegedly had its customers signed documents to unlawfully collect credit card debt.
Representatives for JPMorgan were not immediately available to respond regarding said report.
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