Lawyer seeks class action for credit card rates lawsuit

[mcablue]

Source: TheProvidence Journal

PROVIDENCE, R.I. -- A Rhode Island woman is suing Citibank, claiming the financial giant is trying to squeeze money out of its credit-card customers in advance of changes in federal law due to take place in February 2010.

The lawsuit filed in U.S. District Court earlier this week by Providence lawyer Peter N. Wasylyk on behalf of Portsmouth resident Michol K. Murphy states that Citibank has violated the terms of her credit-card agreement by jacking up the annual percentage rate on her account without cause. Wasylyk is asking the court to certify the case as a class-action lawsuit.

The lawsuit follows in the wake of an August case Wasylyk filed against Citizens Financial Group on behalf of a Woonsocket man who claims that ATM withdrawals and debit transactions are a trap into which unwary customers fall. That lawsuit, which also seeks certification as a class action, is still pending.

Consumers such as Murphy and Hunt have been complaining loudly about the alleged abusive practices of financial institutions, leading to the passage in May 2009 of the federal Credit Card Accountability, Responsibility, and Disclosure Act.

Read more: http://newsblog.projo.com/2009/11/citibank-faces-lawsuit-over-cr.html

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If any of you guys have had your interest rates raised by Citibank for no reason, see how you can join this lawsuit. You never know. I own two Citibank cards but luckily they have not yet raised my 16% interest rate.

[rayofreason]

1. ChaChing, ChaChing!!!

I smell a big fat settlement that will allow Wasylyk to retire in style. And that ATM case - why it could land each member of the class $2 for an ATM withdrawal fee, minus the $0.75 for the lawyer (times 10 million for the number of members of the class).

And who does the bank pass these costs too? Why, you guessed it!! Happy Holidays!

[guruoo]

2. fia card services needs a spankin' too.

[LisaL]

3. Sign me up.

[EFerrari]

4. Good! Go get 'em.

:kick: