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Business litigation with JP Morgan Chase Co. comes to settlement

When California consumers begin to work with businesses, it is important for them to understand what services those businesses will provide and under what terms they will provide them. After those terms are disclosed, businesses are expected to honor those terms as they carry out the work done for the customer. If businesses are accused of failing to disclose certain information or of not rendering services as explained, they could find themselves in a business litigation with their consumers.

JP Morgan Chase & Co found themselves in such a situation after claims were made against the company. The claims were in regard to information concerning interest rates and balances connected to loans. The company was accused of not divulging that minimum payments would result in an increase balance of the loan. The claims reportedly indicate that consumers were allegedly misled by the company.

The litigation going on involving the company started in 2007, and settlements for some of the cases are coming to agreement. The company does not believe that they participated in any unseemly activities regarding the situation. They have, however, agreed to pay $18.3 million as part of the settlement.

Being a part of a business litigation can be a difficult time for a company and could harm its future prospects. Owning a business comes with much responsibility, and any mishaps could have significantly adverse effects. By understanding California business laws, the representatives of a company could have a better idea as to what to expect should their company begin dealing with such legal matters.

Source: Reuters, JPMorgan to pay $18.3 million to settle mortgage lawsuit, Nate Raymond, Sept. 3, 2013

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