A group of state attorneys general is investigating how major banks process and sell delinquent credit card accounts.

Attorneys representing Mississippi Attorney General Jim Hood have contacted former JPMorgan Chase (JPM) employees about possible procedural shortfalls or outright errors in defaulted credit card account records that the bank sold to third-party debt collectors. Attorneys general in other states are also involved in the probe and are scrutinizing the practices at other banks as well, says another ex-Chase employee contacted by investigators.

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