Class Action Lawsuits Against Credit Card Companies Filed | Dallas, Texas Personal Injury Attorney Blog

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. In July 2009, Citibank notified Murphy that it was raising the variable annual percentage rate on her card to 29.99 percent, despite that her account was in good standing and that her original credit agreement does not expire until April 30, 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.

Meanwhile a lawsuit against Citizens Financial Group claims that ATM withdrawals and debit transactions are a trap into which unwary customers fall.

Following an uproar about the questionable actions of credit card companies and banks, the Credit Card Accountability, Responsibility, and Disclosure Act was passed in May 2009 to protect consumers. A copy of that Act is attached.