JPMorgan (NYSE:JPM) Wins Credit Card Court Victory

JPMorgan (NYSE:JPM) won a ruling from the Supreme Court stating they did not have to provide written notice before they raise interest rates on the credit cards of their customers who have defaulted on a payment.

The Court overturned the ruling of a U.S. appeals court in California concerning that allowance of a class-action lawsuit against the bank could go forward.

At issue was the amendment in 2009 of the rule which now requires a 45-day notice before interest rates are raised. That wasn't the case at the time the lawsuit was filed.

The lawsuit said Chase Manhattan Bank raised interest rates retroactively to the beginning of the payment cycle of the class, asserting it broke federal law.

JPMorgan was trading at $45.08, down $0.21, or 0.46 percent, as of 11:54 AM EST.