September 21, 2000 |
Chase Manhattan Corp. will pay at least $22.2 million to settle consumer lawsuits alleging that credit card customers were charged extra interest and late fees even when monthly payments arrived on time. Chase Manhattan Bank, the country's No. 2 bank, will reimburse credit card holders for some charges and give them a grace period before charging late fees on payments as part of the settlement reached last month, said Britton D. Monts, a Dallas lawyer representing consumers.
June 20, 1989
J. P. Morgan to Underwrite Corporate Debt: J. P. Morgan & Co., the powerful New York commercial bank, received Federal Reserve Board approval to underwrite corporate bonds, marking a significant expansion of commercial banks into investment banking activities. The Fed's decision, to allow subsidiary J. P. Morgan Securities to underwrite and deal in corporate debt securities, is expected to be the first of several such approvals. Other applications are pending at the Fed from Chase Manhattan Corp.