JPMorgan Chase & Co. is expected to pay a minimum of $50 million in consumer refunds following an investigation of its fraudulent credit card debt collection practices, Reuters reports.
The federal investigation found that Chase officials added customers to collections lists for accounts that did not belong to them while labeling accounts with incorrect quantities of money. As a result, the company has also agreed to reform its credit card debt collection practices.
"This is a good, strong settlement that's going to help a lot of people," Iowa Attorney General Tom Miller, who participated in the investigation, told the site.
JPMorgan Chase's credit card debt collection practices aren't the only reason the company has made headlines.
Several weeks ago, officials responded to speculation from investors and analysts claiming that a possible break up of the company is on its way. New regulations on banking institutions promoting cuts on expenses have called into question the future of the company, which is currently the largest bank in the United States.
"JPMorgan has been under stress and strain, more than most, and that's a burden we're bearing, and we've got to get out of that," chief executive Jamie Dimon said during a company meeting, according to the New York Times.
"Our mix obviously works for the client. That is the best judge," he said of JPMorgan Chase's organizational approach.
The company is currently estimated to be worth $2.6 trillion.
