Tomahawk, WI 11/27/2013 (BasicsMedia) – Anyone talking about JPMorgan Chase & Co. (NYSE:JPM) will realize that the largest U.S bank by assets has not enjoyed the best of times in 2013. Its lawyers and top executives have spent more time in court answering to various charges and lawsuits filed against it for the last three years, than they would have liked to. Added to its past and most recent legal tribulations is the fact that JPM is now being used as proof that American consumers are not offered adequate protection against the works of the largest financial institutions and conglomerates in the U.S.

The U.S government recently created a Federal Bureau with the intention of protecting the country’s consumers against real and perceived complaints raised against the country’s major financial institutions such as JPMorgan Chase & Co. (NYSE:JPM). This U.S federal bureau is required to oversee reforms in the banking sector to ensure that the U.S consumer is amply protected, and runs very little risk of losing his/her assets to these huge corporations. This is the reason the U.S government has gone ahead with its decision to pursue its legal actions against the largest lender in the country

Currently, in addition to the deal where JPMorgan Chase & Co. (NYSE:JPM) is reported to have agreed with the U.S government to pay close to $13 billion to settle all its legal tribulations, it is also required to settle another very important matter. The government has instituted legal proceedings against not only JPM, but also other banking corporations such as Chase Bank, and N.A where they are expected to pay close to $309 million as compensation to roughly more than 2 million consumers that were affected by their illegal credit card practices. The banks charged clients for unsolicited services.

If the U.S government wins this battle against JPMorgan Chase & Co. (NYSE:JPM), it will be a major victory, whose full effects may take a while to be fully appreciated by the populace. For starters, if the U.S government is granted its request by the federal courts, it will have played a major role in encouraging JPM to put an end to its billing practices that are considered to be among the most unfair in the entire country and its banking sector. Secondly, this case will help convince JPM of the need to finalize loan repayment in addition to paying interest to more than 2 million of its customers.

JPMorgan Chase & Co. (NYSE:JPM) will also be required to submit itself and its books to an independent audit, should the U.S government succeed in its lawsuits against America’s largest lender. Similarly, the import of such a win would mean that JPM has to improve how it provides oversight to the matter of third party vendors in the U.S. How does the U.S government benefit directly if it wins this case against JPM? The government will benefit when the federal courts orders JPM to pay the millions of dollars it owes the government in penalties and lost revenue.

The U.S government is fully justified to pursue this legal matter against JPMorgan Chase & Co. (NYSE:JPM) on behalf of the citizens, and consumers as a way of ensuring that they enjoy better protection so that these major baking institutions stop taking advantage of them.

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