Citigroup will refund a further $4.2 million to some bank card clients who had been overcharged years in the past.
The financial institution on Monday reached an settlement with attorneys common from Pennsylvania, Iowa, Massachusetts, New Jersey and North Carolina to refund the cash to clients in these states. The refunds comply with a 2018 settlement with the Shopper Monetary Safety Bureau during which Citigroup agreed to repay $335 million after discovering it had improperly elevated rates of interest for some clients.
“Whereas Citi denies violating the states’ consumer-protection legal guidelines, we’re happy to place this matter behind us,” the New York-based agency mentioned in a press release. “The states will administer and distribute funds at their discretion.”
Pennsylvania Legal professional Common Josh Shapiro mentioned his state led the newest settlement. Prospects who meet sure standards will obtain a refund verify to be despatched in the midst of the yr, in line with a separate assertion.
“Our workplace obtained again greater than $1 million for these Pennsylvanians who had been overcharged,” Shapiro mentioned within the assertion. “When banks step out of line, we’ll maintain them accountable.”
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