One can’t merely say Citibank credit card lawsuit without being vague. That’s because over the years Citibank has been involved in more than a few credit card lawsuits. The latest Citibank credit card lawsuit is in final phases and has reached settlement with a $10 million settlement fund. This time it’s over raising interest rates on its credit card customers without properly informing them.
Citibank credit card owners who had a delinquency or default between May 2002 and May 2010 probably had interest rates on the account go sky high. All credit card companies love to do this, but they must be reigned in by federal banking laws that protect consumers from unfair practices. One such law is that credit card companies must inform their customers about increases in interest rates. The Citibank credit card lawsuit was over this matter. The suit alleged that Citibank didn’t inform those customers during that eight year period. Well the Citibank credit card lawsuit went to settlement and now plaintiffs can join and get up to $18.
