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4 banks to pay WV $8 million in credit lawsuit

CHARLESTON, W.Va. -- Four banking companies have agreed to pay the state nearly $8 million to settle a lawsuit claiming they used deceptive tactics to sell credit card protection programs to customers.

West Virginia's Attorney General Patrick Morrisey announced Tuesday that Bank of America Corp., JP Morgan Chase & Co., Citibank/Citigroup Inc. and GE Money Bank agreed to pay $1.95 million each in the settlement.

Morrisey says thousands of West Virginians entered into credit card payment protection programs without knowing they had done so, were charged extra fees and then had trouble reaping the benefits.

While Morrisey's office filed the complaint, outside attorneys represented the state in the case.

The office did not settle with Discover Financial Services, HSBC Card Services or World Financial Network Bank. Claims against those institutions will continue.


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