Bank of America Corp., Capital One Financial Corp., JPMorgan Chase & Co. and HSBC Holdings PLC reportedly have agreed to settle a class action over credit card arbitration clauses, according to lawyers representing the plaintiffs.
According to a Dow Jones report, those banks and three other defendants that have not agreed to settle the suit — Discover Financial Services, Citigroup Inc. and the National Arbitration Forum — have denied any wrongdoing.
The lawsuit accused the credit card units of Chase, Bank of America, Capital One, HSBC, Citigroup, Discover and others of violating antitrust laws by secretly consulting each other numerous times with the aim of requiring cardholders to arbitrate all disputes, the plaintiff's law firm Berger & Montague PC said.
