The bank giant JP Morgan Chase is changing its credit card debt collection practices after a lawsuit involving Florida's and 46 other state attorney generals. Florida is getting the largest chunk of the $136 million settlement.
Florida Chase customers who were affected by the company's debt collection practices are receiving $4.6 million in restitution. Chase has been accused of illegal tactics like robo-signing - signing lots of documents without actually reviewing records.
Overall, Florida is receiving $16.9 million - the largest chunk - from the settlement. $1.6 million will go towards the state's general revenue fund and the rest will be distributed among various non-profit organizations across the state. Rebecca Flowers is with the consumer fraud program, which will be receiving some of the money.
"We run out of the Elder Law Center at Stetson College of Law, a consumer fraud project that does what needs to be done to educate our seniors about the greedy predators that are out there ready to take their hard-earned money and their life savings," she said. Attorney General Pam Bondi said the money used by the non-profits will go towards legal services, financial literacy, and debt management programs.